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Consumer Finances of Low-Income Families

  • Robert B. NielsenEmail author
  • Cynthia Needles Fletcher
  • Suzanne Bartholomae
Chapter

Abstract

The Great Recession and the slow recovery afterward affected families from all socioeconomic strata. However, by many measures low-income families were hardest hit. To highlight the consumer finance challenges currently faced by low-income families we combine data from the Survey of Income and Program Participation with a review of several relevant research areas. These include real income declines before and after the recession; trends in being unbanked/underbanked; the use of credit and alternative financial services; savings and asset accumulation, including homes and vehicles; and health insurance. A brief discussion of future directions for research completes the chapter.

Keywords

Alternative financial sector Home ownership Low income Poverty Unbanked 

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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  • Robert B. Nielsen
    • 1
    Email author
  • Cynthia Needles Fletcher
    • 2
  • Suzanne Bartholomae
    • 3
  1. 1.Department of Financial Planning, Housing and Consumer EconomicsUniversity of GeorgiaAthensUSA
  2. 2.Department of Human Development and Family StudiesIowa State UniversityAmesUSA
  3. 3.Department of Human Development and Family StudiesIowa State UniversityAmesUSA

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