All In Report Cover
Consumer Financial Services, Asset-Building & Savings, Financial Capability & Education
Research Report | April 2014

All In: Building the Path to Global Prosperity through Financial Capability and Inclusion

Janis L. Bowdler, Lucy S. Gorham
Research funded by JPMorgan Chase & Co.

Fewer than 10 percent of working U.S. households are positioned for a financially secure retirement and more than half of Americans lack an emergency savings fund. As a result, individuals and households are increasingly vulnerable to financial setbacks that limit their economic mobility.

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Overview

A white paper by center researchers and JPMorgan Chase & Co. examines why financial insecurity is a problem not limited to individual households, but also has consequences for employers, taxpayers and the economy.

Families living paycheck to paycheck experience even greater financial insecurity when they live outside the financial mainstream. They lack opportunities to save and build credit, and thus to important building blocks to stability and economic mobility. For example, 71 percent of children born to high-saving, low-income parents move up from the bottom income quartile over a generation.

However, experts estimate that fewer than 10 percent of working households are positioned for a financially secure retirement and more than half of Americans lack an emergency savings fund.  As a result, individuals and households are increasingly vulnerable to financial setbacks that limit their economic mobility.

 

The UNC Center for Community Capital conducts research and policy analysis on ways to make financial services work better for more people and communities.

 

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