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Preparedness for Financial Emergencies: Evidence from the Survey of Consumer Finances

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Financial Literacy, Pension, Retirement Analysis Banking stability, regulation, efficiency Financial Literacy and Behavior

Abstract

The 1998 and 2001 Survey of Consumer Finances were used to compare the emergency fund adequacy of households. A low percentage of households met the 2-month, 3-month, and 6-month income guidelines for the quick, intermediate, and comprehensive measures in both years. More than 50% of households did not meet any of the guidelines. There was no difference in likelihood of meeting the guidelines in 1998 and 2001. Results of the logistic regression indicated that age, education, income, marital status, race, homeownership, retired status, self-employment, savings horizon, spending behavior, and risk behavior were significant determinants of the likelihood of meeting the guidelines.

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References

2003Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances 1996Ratios and Benchmarks for Measuring the Financial Well-Being of Families and Individuals 2003Contributing to the Delinquency of Borrowers 1994The Usefulness of Financial Ratios as Predictors of Household Insolvency: Two Perspectives 1997Emergency Fund Levels: Is Household Behavior Rational?

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