Fragile Families’ Challenges for Emergency Fund Preparedness
7 Pages Posted: 21 Sep 2017
Date Written: September 18, 2017
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
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