August 2021
Introduction: The COVID-19 pandemic and its economic consequences have laid bare the deeply rooted financial insecurity many Americans face daily. Many households are highly dependent upon earned income and have little to buffer an income loss due to business shutdowns or sickness. Though correlated with income and wealth, financial resilience uniquely defines anyone’s ability to sustain an economic shock, such as a health event, job loss, or an economic downturn (O’Neill & Xiao, 2011). In this project, we take a close look at the concept of financial resilience, its drivers, and its characteristics.
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