Savings account ownership during the Great Recession

Sherrie L.W. Rhine, Wenhua Li, William H. Greene, Emily Perlmeter

Research output: Contribution to journalArticleResearchpeer-review

4 Citations (Scopus)

Abstract

In the aftermath of the Great Recession, a substantial number of families were left financially at risk, especially those with lower income, less wealth, fewer years of education, and unstable employment. This study examined how families responded to the financial stresses of the Great Recession and found that families who were working age, had higher levels of education, and had become non-homeowners were more likely to maintain or open a basic savings account; whereas families who had lost a substantial amount of annual family income or wealth or were Black or Hispanic were more likely to have been without a savings account over the period. Insights from this study will help inform policymakers and others interested in encouraging family financial security and resiliency through basic savings accounts.

Original languageEnglish
Pages (from-to)333-348
Number of pages16
JournalJournal of Family and Economic Issues
Volume37
Issue number3
DOIs
Publication statusPublished - 1 Sep 2016
Externally publishedYes

Keywords

  • Basic savings accounts
  • Family financial security
  • Great Recession
  • Savings account ownership

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