Households that don't have emergency savings are more likely to have problems paying their mortgage when experiencing financial difficulties, according to a new study by the FINRA Investor Education Foundation.

People who don't have rainy day funds are three times more likely to make a late mortgage payment and almost twice as likely to be involved in a foreclosure.

"Softening the Blow: Income Shocks, Mortgage Payments and Emergency Savings" is based on data from the 2009 National Financial Capability Study, an only survey of more than 28,000 respondents in all 50 states and the District of Columbia.

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