Can the Poor Save?

18 Pages Posted: 16 May 2013

See all articles by Jeanne M. Hogarth

Jeanne M. Hogarth

Board of Governors of the Federal Reserve System

Chris Anguelov

Consumer and Community Affairs

Abstract

Using the 1998 Survey of Consumer Finances, we explore the asset holdings of poor and low income households, their available resources for meeting short-term emergencies, and the determinants of being a "saver" as defined here. We find that socioeconomic and demographic characteristics as well as expectations and motivations, access to resources, and the institutional environment are significantly associated with poor and low-income households being able to save.

Keywords: Saving, low income households

Suggested Citation

Hogarth, Jeanne M. and Anguelov, Chris, Can the Poor Save?. Journal of Financial Counseling and Planning, Vol. 14, No. 1, 2003, Available at SSRN: https://ssrn.com/abstract=2265627

Jeanne M. Hogarth (Contact Author)

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Chris Anguelov

Consumer and Community Affairs ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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