The Role of Emergency Savings in Family Financial Security

The Role of Emergency Savings in Family Financial Security

Americans overwhelmingly say they prefer financial stability over economic mobility. However, recent Pew research suggests that such security is elusive: Even the best-off households find their finances strained when they experience a financial shock such as a major car or home repair or a loss of income.

In a series of three issue briefs to be released over the coming weeks, Pew shows the extent to which households are financially vulnerable when faced with a financial shock. The briefs provide insight into the financial risks that Americans face and the impact of shocks on family balance sheets; households’ level of preparation to address emergency needs; and the implications of families’ savings behavior for policymakers as they work to create solutions that support Americans’ financial security.

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