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Money in the Bank? Assessing Families' Liquid Savings using the Survey of Consumer Finances

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Abstract

We estimate that sixty percent of American families have liquid savings of less than three months of their own expenses, and nearly one-quarter have less than $400. In this Note we use data from the Federal Reserve Board's triennial Survey of Consumer Finances (SCF) to directly assess American families' liquid savings.

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  • Neil Bhutta & Lisa J. Dettling, 2018. "Money in the Bank? Assessing Families' Liquid Savings using the Survey of Consumer Finances," FEDS Notes 2018-11-19, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2018-11-19
    DOI: 10.17016/2380-7172.2275
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/assessing-families-liquid-savings-using-the-survey-of-consumer-finances-20181119.htm
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    Cited by:

    1. Shane Enete & Martin Seay & Sarah Asebedo & David Wang & Megan McCoy, 2022. "Understanding the influence of emotion on both time and money: applying the broaden and build theory," SN Business & Economics, Springer, vol. 2(5), pages 1-24, May.
    2. Dur, Robert & Fleming, Dimitry & van Garderen, Marten & van Lent, Max, 2021. "A social norm nudge to save more: A field experiment at a retail bank," Journal of Public Economics, Elsevier, vol. 200(C).
    3. Joanna Stavins, 2021. "Unprepared For Financial Shocks: Emergency Savings And Credit Card Debt," Contemporary Economic Policy, Western Economic Association International, vol. 39(1), pages 59-82, January.
    4. Neil Bhutta & Jacqueline Blair & Lisa J. Dettling, 2021. "The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families," Finance and Economics Discussion Series 2021-076, Board of Governors of the Federal Reserve System (U.S.).

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