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Title: The Financial Well-Being of Detroit Residents: What Do We Know?
Citation Type: Miscellaneous
Publication Year: 2020
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Abstract: What is financial health? It is the ability to control your short-term finances and make choices to enjoy your life, such as supporting a family member or going back to school. A financially healthy individual can also absorb financial setbacks and meet their financial goals (Consumer Financial Protection Bureau [CFPB], 2015). Financial stability, however, comes first: in the short term, this means having money left over at the end of the month, manageable debt, a small pot of savings, and a trusted network to help bridge financial gaps (Siwicki, 2019). For many low- and moderate- income Detroiters, the necessary ingredients for financial health and financial stability are out of reach. Indeed, just over half of Detroit residents are either financially insecure (32%) or in financial trouble (24%) (DMACS, 2019). Due to low and volatile incomes and disproportionately high costs, tens of thousands of Detroit households cannot maintain consistently positive cash flow, which makes it challenging to build . . .
Url: https://poverty.umich.edu/files/2020/08/Financial-Wellbeing-of-Detroiters_82020.pdf
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Authors: Branche-Wilson, Afton; Cooney, Patrick
Publisher: University of Michigan
Data Collections: IPUMS USA
Topics: Poverty and Welfare
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