Fragile Families’ Challenges for Emergency Fund Preparedness

7 Pages Posted: 21 Sep 2017

See all articles by Abed Rabbani

Abed Rabbani

University of Missouri - Department of Personal Financial Planning

Zheying Yao

University of Missouri at Columbia - Personal Financial Planning, Students

Date Written: September 18, 2017

Abstract

Having an adequate emergency fund is a critical issue for a household’s ability to overcome financial trouble and thus overall financial wellness. Fragile families, which refer to unmarried parents and their children, are ill-prepared in emergency savings compared to an average family. This paper determines the challenges associated with having emergency funds for fragile families and concludes that having debt significantly reduces a family’s likelihood of maintaining an emergency fund and undermines the influence of an increase in income on emergency savings. The odds of having emergency fund are significantly higher in a higher income group than in a lower income group.

Keywords: debt, emergency fund, fragile family, income

Suggested Citation

Rabbani, Abed and Yao, Zheying, Fragile Families’ Challenges for Emergency Fund Preparedness (September 18, 2017). 2018 Academic Research Colloquium for Financial Planning and Related Disciplines, Available at SSRN: https://ssrn.com/abstract=3039049 or http://dx.doi.org/10.2139/ssrn.3039049

Abed Rabbani (Contact Author)

University of Missouri - Department of Personal Financial Planning ( email )

239B Stanley Hall, University of Missouri
Columbia, MO 65211
United States
5738829187 (Phone)

Zheying Yao

University of Missouri at Columbia - Personal Financial Planning, Students ( email )

Columbia, MO
United States

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