Brief How Do New Yorkers Perceive Their Financial Security?
Caroline Ratcliffe, Signe-Mary McKernan, Emma Cancian Kalish, Steven Martin
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This brief examines the financial security of New Yorkers, looking at their savings, debts, and financial satisfaction. Using model-based predictions, we find that 58 percent of New York City residents lack emergency savings to cover three months of expenses, while 29 percent report having too much debt. However, only 30 percent feel unsatisfied with their financial condition. Across the five boroughs, the Bronx has the highest share of people reporting all three examined outcomes, while Staten Island has the lowest share of each.
Research Areas Wealth and financial well-being Neighborhoods, cities, and metros Families Social safety net
Tags Asset and debts Economic well-being Family and household data Financial products and services Opportunity and ownership
Policy Centers Center on Labor, Human Services, and Population