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Financial Preparedness for Emergencies: Age Patterns and Multilevel Vulnerabilities.
1School of Social Work, University of Texas at Arlington, Arlington, TX, USA.
Research on Aging
|July 28, 2021
Summary
Younger adults show varied financial preparedness for emergencies, influenced by individual and community social vulnerabilities. This study highlights disparities in saving for unexpected events across different demographics and locations.
Area of Science:
- Social Gerontology
- Public Health
- Sociology
Background:
- Financial preparedness for emergencies is crucial for individual well-being.
- Vulnerability factors at individual and community levels can impact emergency savings.
- Existing research often overlooks age-specific patterns in financial preparedness.
Purpose of the Study:
- To examine age-related patterns in financial preparedness for emergencies.
- To investigate the influence of individual and community-level vulnerabilities on emergency savings.
- To apply social vulnerability and life course perspectives to understand these patterns.
Main Methods:
- Utilized data from the Federal Emergency Management Agency 2018 National Household Survey.
- Integrated 15 indicators from the Social Vulnerability Index at the county level.
- Employed two-level logistic regressions with a sample of 4,623 respondents from 958 counties.
Main Results:
- Younger adults (18-44) were more likely to save for emergencies than older adults (65-74) among specific demographic and community groups.
- Factors increasing preparedness in younger adults included being Hispanic, having minor children, and residing in high-poverty, minority, or low-vehicle-access communities.
- Factors decreasing preparedness in younger adults included being White or having insurance.
Conclusions:
- Age patterns of financial preparedness are complex and significantly moderated by intersecting social vulnerabilities.
- A multilevel framework is essential for understanding how individual and community factors shape emergency financial readiness.
- Interventions should consider tailored strategies addressing diverse vulnerabilities across the life course.
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