The Boston Fed has a decades-long history of studying wealth gaps as part of our broader mission to achieve a vibrant economy that works for all. As part of that work, we are conducting the Massachusetts Economic Conditions & Household Opportunity Survey (Mass ECHOS), a state-wide survey on household wealth in collaboration with The Boston Foundation and its partners: Eastern Bank Foundation, the Greater Boston Chamber of Commerce, and the Barr Foundation.

Wealth is central to family economic security, so to fully understand the financial well-being of families in our region, we need more accurate data, which currently only exist at the national level. Other surveys may focus on things like income or employment but typically do not provide a full picture of household resources. The findings will ultimately inform partners and the wider region as practices and policies are developed to build wealth more broadly, a key foundation for greater economic opportunity.

The current research goals for the survey are to:

• Generate current, reliable baseline estimates of family wealth across metro Boston and the Commonwealth, as well as across a set of what are called Gateway Cities
• Explore wealth gaps between and within various demographic groups
• Understand more about some of the sources of wealth gaps
• Develop a data set that can be used to model potential impacts of policies and practices
• Establish a methodology to inform future work

The survey is being administered by Mathematica, an independent research company. Only households that receive an official invitation letter can take the survey. If you received a letter, please log in to the web survey and answer the questions provided. There will be a variety of questions, including some about assets (such as a mortgage) and debts (such as student loans). There will not be questions about bank account information or where your money is held—the Federal Reserve and the ECHOS survey will never ask for this information. Your answers will be combined with everyone else who takes part, and we will only share estimates for broad groups. Our goal is for the communities where you live and work to be represented in the study results. While no identifying information will be used, we hope that your story is told through our findings.

Your answers will help the Boston Fed learn more about the ways it can support decisions that positively affect all types of households, including those like yours. The Boston Fed takes a data-driven (empirical) approach to studying wealth, credit, and employment with an eye toward informing policy discussions and action that support a vibrant economy that works for all. Also, the entire state will benefit from learning more about its residents. If you receive an invitation, please consider participating in Mass ECHOS.