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D3a Cash in the Cookie Jar: Did Liquidity Help Families During the Great Recession?
Key Words
Great Recession, Liquidity, Household Finance, Financial Planning
Short Description
The purpose of this study is to find whether the level of initial liquidity had an impact on household wealth through the Great Recession of 2008. The study uses the Survey of Consumer Finances panel data from 2007-2009. Incidentally, the Federal Reserve Board (FRB) and NORC conducted the first wave of the Survey of Consumer Finances interviews for 2007 as a triennial cross-section right before the advent of the Great Recession that lasted for 18 months after starting at the end of 2007. After that, the FRB and NORC conducted a series of panel re-interviews between July 2009 and January 2010, presenting a unique opportunity to ascertain the impact of decisions during this time to prepare households for future economic uncertainties. Financial advisers often discuss the importance of emergency savings for clients. The level of liquid assets held relative to debt payments, or income varies substantially across households. This paper estimates the average marginal effects of the recession on the households’ net worth, dividing them into groups based on net worth and level of liquidity and controlling for relevant covariates. The study intends to guide the liquidity needs of families based on findings.