Brief Thriving Residents, Thriving Cities: Family Financial Security Matters for Cities
Signe-Mary McKernan, Caroline Ratcliffe, Breno Braga, Emma Cancian Kalish
Display Date
File
File
Download Report
(273.24 KB)

The economic health of cities and communities depends on the financial health and stability of their residents. The key: nonretirement savings. Families with a savings cushion as little as $250 to $749 are less likely to be evicted, miss a housing or utility payment, or receive public benefits after a job loss, health issue, or large income drop. Higher savings levels are associated with even lower hardship and benefit receipt. Savings are at least as important as income: low-income families with savings of $2,000 to $4,999 are more financially resilient than middle-income families without savings.
Research Areas Education Wealth and financial well-being Neighborhoods, cities, and metros Families
Tags Asset and debts Economic well-being Financial knowledge and capability Single-family finance Volatility Opportunity and ownership Finance