Journal Article

Using Tax-Time Savings Programs to Build Assets

Abstract: The recent financial crisis and subsequent recession had a debilitating effect on the wealth of many American families. In a report produced by the Federal Reserve Bank of St. Louis, it was estimated that household wealth declined 26 percent from its peak in 2007 to the trough in 2009. Not surprisingly, low- and moderate-income (LMI) families, who were already struggling financially prior to the crisis, were among the hardest hit. In 2008, nearly 30 percent of low-income families had zero or negative net worth.

Keywords: household wealth; low - moderate income families; recession;

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Cascade

Publication Date: 2014-01

Volume: 1

Order Number: 84