Financial Resilience in America

Martha Deevy, Jialu Liu Streeter, Andrea Hasler, and Annamaria Lusardi

In this report, we examine the concept and assessment of financial resilience and its associated factors, which include income and cash flow management, debt management, risk protection, and financial literacy. We use longitudinal data from before and after the Great Recession to evaluate the severity of its impact across subpopulations and how each subpopulation recovered. We find that each subpopulation faces unique challenges. Thus it would be inappropriate to promote a one-size-fits-all approach for building financial resilience.

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In the News
One-third of American families couldn’t cover a $2,000 emergency before the pandemicCNBC, 8-18-21
Study reveals that student debt is a potentially crippling liability for college gradsUSA Today, 8-23-21
Financial Resilience Steps By Policymakers Can Improve Lives Hit Hardest By Pandemic Says Study – Forbes, 8-12-21