ERIC Number: EJ897353
Record Type: Journal
Publication Date: 2010-Oct
Abstractor: As Provided
Reference Count: 32
How Do Families Manage Their Economic Hardship?
Baek, Eunyoung; DeVaney, Sharon A.
Family Relations, v59 n4 p358-368 Oct 2010
Using data from the 2007 Survey of Consumer Finances, this study examined how families manage their economic hardship. A conceptual model was developed based on risk management theory and the permanent income hypothesis. About half of families used credit and about a third used their own savings to make up the difference between income and spending. The results of multinomial logit analysis showed that families' use of management methods differed when they faced economic hardship, depending on their situation.
Descriptors: Family Income, Risk Management, Welfare Recipients, Low Income, Credit (Finance), Economic Status, Debt (Financial), Money Management, Budgeting, Expenditures
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Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Authoring Institution: N/A