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Alternative Estimates of Spending to Assess Emergency Fund Adequacy Using the Survey of Consumer Finances
Short Abstract
Previous empirical studies using the Survey of Consumer Finances (SCF) used income as a proxy for spending for constructing emergency fund adequacy due to the limited spending information in the SCF. We developed a better method for estimating spending by using food and financial obligation information that is available in the SCF. Based on our new estimate, we examined the determinants of emergency fund adequacy. Our multivariate results suggest that most of the independent variables that are selected based on normative hypothesis are significantly related to the likelihood of meeting the emergency fund guideline. Our study has useful implications for future studies that use spending information in the SCF.