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    The Potential for Savings Accounts to Protect Young-Adult Households from Unsecured Debt in Periods of Macroeconomic Stability and Decline

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    Friedline_2016.pdf (726.7Kb)
    Issue Date
    2016-03
    Author
    Friedline, Terri L.
    Freeman, Allison
    Publisher
    University of Chicago Press
    Type
    Article
    Article Version
    Scholarly/refereed, publisher version
    Rights
    © 2016 by The University of Chicago
    Metadata
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    Abstract
    The effects of different types of debt can vary widely: some debt is considered productive by advancing financial health, while other debt can be unproductive, pushing financial health out of reach. A savings account may be associated with young-adult households’ reduced reliance on unproductive debt and their increased access to productive debt that can facilitate wealth building. This article tests the association between a savings account and debt in the lives of American young adults during periods of macroeconomic stability and decline. Owning a savings account in 1996 was associated with a 14 percent decrease (844) in young − adult households′ accumulated unsecured debt, while closing an accounting 2008 was associated with a 12 percent increase (1,320) in this type of debt. Thus, a savings account may help young adults invest in their debt by entering better, healthier credit markets and protecting them from riskier ones, especially during bad economic times.
    URI
    http://hdl.handle.net/1808/25314
    DOI
    https://doi.org/10.1086/685791
    Collections
    • Social Welfare Scholarly Works [142]
    Citation
    Terri Friedline and Allison Freeman, "The Potential for Savings Accounts to Protect Young-Adult Households from Unsecured Debt in Periods of Macroeconomic Stability and Decline," Social Service Review 90, no. 1 (March 2016): 83-129.

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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