*Research Brief Household Financial Survey

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

Project: Household Financial Survey (HFS)

Citation

Roll, S. P., Mitchell, D. S., Holub, K., Bufe, S., & Grinstein-Weiss, M. (2017, December). Responses to and repercussions from income volatility in low- and moderate-income households: Results from a national survey (Issue Brief). Washington, DC: Aspen Institute and Center for Social Development.