A Review of Economic Insecurity

Matteo Richiardi, Ashley Burdett, Zhechun He and Aleksandra Kolndrekaj

No CEMPA9/26, Centre for Microsimulation and Policy Analysis Working Paper Series from Centre for Microsimulation and Policy Analysis at the Institute for Social and Economic Research

Abstract: Economic insecurity has become an increasingly prominent topic in economic research, but there remains little agreement on how it should be defined and quantified. This review seeks to consolidate existing research and clarify the current state of knowledge, focussing on individual-based measures of economic insecurity, their determinants, and their effects. Our assessment is that thefield has evolved from single-source indicators to sophisticated, multi-dimensionalmodels, yet a unifying framework remains elusive. This stems from a persistent conceptual trade-off between axiomatic rigour, operational implementation, andthe challenge of integrating the dynamic nature of risk with data availability.Rather than seeking a single †best†indicator, this review categorizes specificmetrics according to distinct research objectives. By clarifying the trade-offs inherent in different measurement strategies, the paper provides a roadmap forfuture research to align empirical tools more effectively with the specific nature of the insecurity under study.

Date: 2026-05-02
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