Martha Deevy, Jialu Liu Streeter, Andrea Hasler, and Annamaria Lusardi
Summary: In this report, we examine the concept and assessment of financial resilience and its associated factors, which include income and cash flow management, debt management, risk protection, and financial literacy. We use longitudinal data from before and after the Great Recession to evaluate the severity of its impact across subpopulations and how each subpopulation recovered. We find that each subpopulation faces unique challenges. Thus it would be inappropriate to promote a one-size-fits-all approach for building financial resilience.
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