Between 2006 and 2008, 9% of Korean households had an income decrease of 50% or more, a rate almost identical to the U.S., despite the much lower impact of the global financial crisis on Korea. We ran a logistic regression to determine factors related to the likelihood of a substantial income...

This study investigates the effect of risk aversion of single-parent households with at least one child under 18 on life insurance ownership. Analyzing the 1992-2013 Survey of Consumer Finances datasets, we found that the likelihood of owning term life insurance decreases as risk aversion...

Empirical studies have found that most households do not have recommended levels of emergency funds. A three-period model of optimal consumption is presented. The theoretical model suggests that many consumers without recommended levels of liquid assets may be acting rationally. The model is...

The purpose of this study was to analyze how objective and subjective financial literacy affected the likelihood of U.S. renter and homeowner households having a heavy financial obligation after the Great Recession. In 1992, only 15% of homeowners had financial obligation payments over 40% of...

The Survey of Consumer Finances (SCF) has included a 4-level risk tolerance measure since 1983. In 2016 the SCF introduced an additional 11-level risk tolerance measure. We compare the new and old measures, with a regression on the new measure, plus three logistic regressions on cumulative...