Responses to and repercussions from income volatility in low- and moderate-income households: Results from a national survey

Key Findings

• Households that experienced persistent income volatility over the course of a year were roughly three times as likely to report using payday loans as those who experienced no volatility.
• The experience of any income volatility is associated with significant and substantial increases in the likelihood of skipping medical care, prescriptions, and mental health care.
• Households dealing with persistent income volatility were 288% more likely to skip housing payments than households that had no income volatility.
• Recent experiences with income volatility are associated with significant increases in food insecurity, housing hardship, and having credit cards declined, as well as a significant decrease in being able to access $2,000 in an emergency

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Project: Household Financial Survey (HFS)