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Savings Account Ownership During the Great Recession

Sherrie L. W. Rhine, Wenhua Di, William H. Greene, and Emily Ryder Perlmeter

July 2014

Owning a basic savings account is a fundamental way for families to begin accumulating savings. These accounts can be a pathway to other more sophisticated savings and investment products that contribute to asset accumulation, wealth building and economic mobility. We analyzed how a household’s economic circumstances, demographic characteristics and certain financial behaviors influence basic savings account ownership using the 2007–09 panel of the Survey of Consumer Finances. The poster below summarizes our findings.

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About the Authors

Wenhua Di is a senior economist in Community Development at the Federal Reserve Bank of Dallas.

Emily Ryder Perlmeter is a community development analyst at the Federal Reserve Bank of Dallas.

Sherrie L.W. Rhine is a senior economist at the FDIC.

William H. Greene is professor of economics at New York University.