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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.