The Potential for Savings Accounts to Protect Young Adult Households from Unsecured Debt in Periods of Macroeconomic Stability and Decline
Author: Allison Freeman, Terry Friedline
Topic: Asset building and saving
Publisher: University of Kansas, Assets and Education Initiative
Location: United States
Format: Brief
Content Type: Research
Publication Date: December 31, 2015
The effects of different types of debt can vary widely: some debt is considered productive by advancing young adult households' financial health while other debt can be unproductive, pushing their financial health out of reach. A savings account may help young adult households reduce their reliance on unproductive debt and increase their access to productive debt that can facilitate wealth building and economic mobility. This study tests the association between a savings account and debt in the lives American young adults during periods of macroeconomic stability and decline.
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