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Which Households Could Have Expected a Substantial Income Drop During the Great Recession?
Keywords: 5 words maximum
income variability, income loss, financial planning, risk, Survey of Consumer Finances,
Very short description for use in the program to help attendees understand more than a title can describe
We used the 2007-2009 Panel of the Survey of Consumer Finances was used to estimate the likelihood that a household would have a decrease in income of at least 50% between 2006 and 2008. Over 8% of U.S. households experienced at least a 50% decrease in income, and the likelihood of experiencing such a large drop in household income ranged from 3% for households in the lowest income decile in 2006 to 52% for those in the highest 1% of income. A logit showed that many household characteristics were related significantly to the probability of suffering such a dramatic decrease.
Lead & Corresponding Author
Eunice Hong, The Ohio State University
Job Title
PhD
Additional Authors
Sherman Hanna, Ph.D., Ohio State University
Job Title
Professor