Income volatility is an emerging, critical issue for understanding financial security today. American households seem to be facing increased instability and unpredictability in their financial lives. Despite the efforts of scores of researchers, there is no consensus on the extent of volatility and how it affects individual well-being, especially among vulnerable low- and moderate-income populations. For that reason, the Aspen Institute Financial Security Program (FSP) is devoting the inaugural year of its new knowledgesynthesis initiative, the Expanding Prosperity Impact Collaborative (EPIC), to income volatility.