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Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families

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  • Marvin M. Smith

Abstract

The recent great recession took its financial toll on many families. Some who lost a portion of their wealth continue to struggle to find a foothold in the economy, while others have managed to regain their lost wealth. Some of the other sources of the financial instability that beset families have been attributed to the challenges associated with being a single-parent family, the volatility and fragility of income shocks, and the shredding of some safety nets. Ray Boshara, director of the Center for Household Financial Stability and assistant vice president at the Federal Reserve Bank of St. Louis, used the preceding observations to provide the economic context for a session at the 2016 Reinventing Our Communities conference, ?Rebuilding Household Balance Sheets and Improving Financial Capability,? during which speakers discussed programs designed to assist with the savings, wealth, and financial stability of low-income families. Those programs are summarized here

Suggested Citation

  • Marvin M. Smith, 2016. "Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families," Cascade, Federal Reserve Bank of Philadelphia, vol. 4, January.
    • Handle: RePEc:fip:fedpca:0081
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    File URL: https://www.philadelphiafed.org/community-development/credit-and-capital/spotlight-on-research-innovative-ways-to-build-savings-and-wealth-of-low-income-families
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    Keywords

    poverty; low income families;

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