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Savings Account Ownership During the Great Recession

Sherrie L. W. Rhine (), Wenhua Di, William Greene () and Emily Perlmeter ()
Additional contact information
Sherrie L. W. Rhine: Federal Deposit Insurance Corporation
Emily Perlmeter: Federal Reserve Bank of Dallas

Journal of Family and Economic Issues, 2016, vol. 37, issue 3, No 2, 333-348

Abstract: 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.

Keywords: Basic savings accounts; Savings account ownership; Family financial security; Great Recession (search for similar items in EconPapers)
Date: 2016
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Working Paper: Savings account ownership during the great recession (2014)
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DOI: 10.1007/s10834-016-9489-0

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