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Assets and Household Stability

In: Welfare Doesn't Work

Author

Listed:
  • Leah Hamilton

    (Appalachian State University)

Abstract

The ownership of assets is a more important component for escaping generational poverty than even income. Assets have the power to send children to college, purchase a home, start a small business, and provide insulation from minor emergencies that can devastate financially vulnerable families. However, most current welfare programs discourage savings by implementing low caps on assets for eligibility. While some fear that increasing asset limits would cause an overloaded welfare system and encourage dependence, the opposite appears to be true. Further, low-income families are more likely to have savings and own a vehicle in states with relatively liberal limits. The reasons for this are intuitive. Allowing families to build their own safety nets makes them less likely to need outside assistance.

Suggested Citation

  • Leah Hamilton, 2020. "Assets and Household Stability," Exploring the Basic Income Guarantee, in: Welfare Doesn't Work, chapter 0, pages 61-77, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-3-030-37121-0_4
    DOI: 10.1007/978-3-030-37121-0_4
    as

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