Savings Account Ownership During the Great Recession
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.
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.