Asset Building among Low Income Adults: An Exploratory Study with Participants in an Emergency Savings Program

Adams, Deborah; West, Stacia

doi:10.1080/10705422.2015.1091421

Cited by 18 publications

(15 citation statements)

References 16 publications

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“…Second, in light of the importance of access to a bank account in an emergency savings context, there is scope for exploring the replication of savings programmes, such as the Individual Development Account and the Child Development Account initiatives, with a view to increasing the number of households that have emergency savings. An initial pilot appears to indicate that there is merit in establishing incentivized emergency savings accounts (Adams & West, ). Once again, further research that focuses on the mechanisms through which external financial capability can be enhanced, in an emergency savings context, could help policymakers understand the particular programme features that are best suited in this context.…”

Section: Discussionmentioning

confidence: 99%

“…In the context of emergency savings, research has found that access to a bank account is positively related to emergency savings behaviour among millennials (Friedline & West, ) and low‐income households (Hogarth & Anguelov, ). In addition, an exploratory study of an emergency saving scheme, which included access to an account and matched saving, provides preliminary support for the use of these financial inclusion mechanisms in promoting emergency savings among low‐income individuals (Adams & West, ).…”

Section: Review Of Literaturementioning

confidence: 99%

“…In addition to the relationship between financial capability and emergency savings, the second aspect that this study considers is emergency savings in low‐income households. The particular vulnerability of low‐income earners to financial shocks has contributed to a growing body of research that considers what factors determine whether poor households save in general and specifically for emergencies (Adams & West, ; Curley, Ssewamala, & Sherraden, ; Gjertson, ; Rothwell et al, ). The definition of low‐income households varies across studies but generally focuses on a measure of either relative poverty, based on the overall income distribution of households, or absolute poverty, based on specific income levels below which individuals are considered to be resource constrained (Ravallion, ).…”

Section: Review Of Literaturementioning

confidence: 99%

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Financial capability and emergency savings among South Africans living above and below the poverty line

Reyers

2019

Int J Consumer Studies

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Emergency savings provide a buffer against financial shocks, particularly among low‐income households. Despite the importance of these funds in lessening financial hardship, many households have not set aside emergency funds. It has been suggested that financial capability may play a role in financial behaviour. Therefore, this study considers whether financial capability is associated with saving for emergencies and whether there are differences in factors that predict emergency savings behaviour among those living below and above the poverty line. Using data from a sample of South Africans, logistic regression is used to determine the predictors of emergency savings. The study finds that those with higher levels of financial capability, related to financial self‐efficacy and having access to a bank account, are more likely to have emergency savings compared with those with lower levels of financial capability. However, no evidence is found to suggest a relationship between objectively measured financial knowledge and emergency savings. Therefore, the findings suggest that self‐assessed financial ability, as measured by financial self‐efficacy, might be more important than objectively assessed ability in the context of individuals making responsible financial choices. Differences in the predictors of emergency savings for those living above and below the poverty line related to socioeconomic and demographic differences, whereas the same financial capability predictors were significant predictors in both samples. The study provides unique insights into the predictors of emergency savings in a developing market context and identifies the characteristics of those who are likely to be financially resilient to unexpected economic shocks. The importance of the broader financial capability construct in predicting emergency savings, for both those living above and below the poverty line, suggests that programmes aimed at encouraging emergency savings should focus on enhancing financial self‐efficacy and financial inclusion.

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Section: Discussionmentioning

confidence: 99%

Section: Review Of Literaturementioning

confidence: 99%

Section: Review Of Literaturementioning

confidence: 99%

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Financial capability and emergency savings among South Africans living above and below the poverty line

Reyers

2019

Int J Consumer Studies

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“…They also are in a unique vantage point to understand that survivors of sex and labor trafficking may face similar challenges such as undocumented migration, violent partners, or financial insecurity that can lead to continued vulnerability and possible exploitation. The social welfare system has a great deal of expertise in working with vulnerable clients through immigration advocacy (Healy, 2017), interpersonal violence (Hahn & Scanlon, 2016;Hardy, Compton, & McPhatter, 2013;Ritchie & Eby, 2007), and poverty alleviation programs (Adams & West, 2015). Even with training and resources about human trafficking, service providers still face challenges in their practice of identification, especially when engaging clients interpersonally.…”

Section: Service Providers In Anti-trafficking Effortsmentioning

confidence: 99%

The Trafficking Continuum: Service Providers’ Perspectives on Vulnerability, Exploitation, and Trafficking

Schwarz

Alvord

Daley

et al. 2018

Affilia

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Much of the research on human trafficking focuses on the prosecution of traffickers and protection of survivors after the crime has occurred. Less is known about the social disparities that make someone vulnerable to trafficking. This project examines human trafficking from a preventive focus, using data from a case study of service providers working with at-risk populations in the Kansas City, MO-KS area. The research team conducted 42 in-depth interviews with service providers working in the medical, educational, legal, and social services sectors from 2013 to 2016. Participants identified risk factors that could make someone vulnerable to labor or sexual exploitation. These factors clustered into four key areas: economic insecurity, housing insecurity, education, and migration. The research findings also suggest that human trafficking may be driven by an accumulation of risk factors that move vulnerable persons closer to labor exploitation and sex trafficking, fitting with a chain-of-risk model. We propose a model that reconceives of trafficking as a continuum that includes a range of vulnerabilities, violence, and traumas. In order to address human trafficking, policy makers and advocates need to focus on upstream prevention factors to address vulnerabilities that can lead to sex and labor exploitation.

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“…Younger households with lower net worth and higher credit holdings tend to insure through borrowing, using either additional formal credit or borrowing from their social network. While this pattern is perhaps unsurprising, it casts doubt on validity of the commonly used approach of measuring 'financial fragility' using calculations based on indebtedness often used in the literature (Caner and Wolff, 2004;Adams and West, 2015;Brunetti et al, 2012;Brown and Taylor, 2008).…”

Section: Introductionmentioning

confidence: 99%

Why Are Some Households So Poorly Insured?

Gathergood

Wylie

2017

SSRN Journal

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We explore empirically how households insure themselves against consumption volatility. We asked households how they would fund an unexpected emergency consumption expense equivalent to one month's income. Answers reveal a range of consumption insurance mechanisms, including borrowing from credit markets and social networks. Despite this, more than one fifth of households have no plan to insure their consumption. The likelihood of non-insurance increases with poor financial literacy and is highest among households most at risk of experiencing a financial shock. Among these households we see large effects of poor financial literacy on non-insurance.

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Asset Building among Low Income Adults: An Exploratory Study with Participants in an Emergency Savings Program

Cited by 18 publications

References 16 publications

Financial capability and emergency savings among South Africans living above and below the poverty line

Financial capability and emergency savings among South Africans living above and below the poverty line

The Trafficking Continuum: Service Providers’ Perspectives on Vulnerability, Exploitation, and Trafficking

Why Are Some Households So Poorly Insured?

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