Effect of Financial Resources and Credit on Savings Behavior of Low-Income Families

Financial Counseling And Planning, Vol. 7, 1996

Posted: 10 Dec 1996

See all articles by Joan Koonce Lewis

Joan Koonce Lewis

University of Georgia - Department of Housing and Consumer Economics, Cooperative Extension

Abstract

This study examined the effects of available financial resources, credit use, savings attitudes, methods of saving, and demographic characteristics on the change in low-income families' real savings (change in real net worth) from 1983 to 1986. Multiple regression results indicated that having a higher level of education, having larger families, and expecting financial assistance from friends or relatives in emergency situations increased real savings. In addition, having higher outstanding 1983 noninstallment loan balances increased real savings, while having lower 1983 net worth increased real savings from 1983 to 1986.

JEL Classification: D19

Suggested Citation

Koonce Lewis, Joan, Effect of Financial Resources and Credit on Savings Behavior of Low-Income Families. Financial Counseling And Planning, Vol. 7, 1996, Available at SSRN: https://ssrn.com/abstract=7968

Joan Koonce Lewis (Contact Author)

University of Georgia - Department of Housing and Consumer Economics, Cooperative Extension

Athens, GA 30602-6254
United States

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