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2019 Conference

del 21 al 23 de May del 2019

Westin Arlington Gateway, Arlington, VA, USA

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C1a American Millennials' Emergency Savings

miércoles, el 22 de mayo de 2019 a las 14:00–15:30 EDT
F. Scott Fitzgerald A
Key Words

Emergency savings, Financial behaviors, Financial literacy, Millennials

Short Description

Although much prior research has studied factors associated with adequacy of emergency savings, very few have examined the adequacy of emergency savings for Millennials who are at an important stage of managing their financial risks and investing for their financial future. Existing research has shown a number of factors affect emergency fund adequacy. Findings related to factors that are significant in predicting American Millennials' emergency savings could provide important implications to stakeholders of Millennials’ financial well-being. Results of this study show that factors significantly affected older generations’ emergency savings adequacy can also predict Millennials’ emergency savings adequacy. Financial literacy, in particular, positively affect one’s adequacy in emergency savings. Unlike older generations, Millennial face more responsibility to save for retirement. Inadequate emergency fund savings could force one to incur more debt and/or suffer financial losses such as make suboptimal financial decisions by selling securities when the market is down.

First & Corresponding Author

Xihao Huang, University of Missouri
Authors in the order to be printed

Xihao Huang, Rui Yao

Additional Authors

Rui Yao, University of Missouri
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