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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
