account for an extended period of time and specify that withdrawals can only be used
to pay for an approved set of wealth-building expenditures, such as education, a
运动会加油稿 down payment on a home, or a to start a business. In many cases, these alternative
approaches are combined with PFM programs. To keep this paper focused and
reasonably brief, however, I examine exclusively the evidence that supports the
effectiveness of PFM initiatives.
II. Many LMI Households Lack Savings and Have Impaired Credit Records
Household surveys consistently find that many families have almost no
financial savings. The most comprehensive survey of households' assets and
liabilities is the Survey of Consumer Finances (SCF). Summary statistics from a
weighted, nationally-representative sample of the 2004 SCF were recently published
(Bucks et al, 2006). The data indicate that a large fraction of LMI households have
almost no financial assets. Of families with incomes in the lowest quintile of the
income distribution, 19.9 percent have no financial savings. This means that about
4.5 million lower-income households live with no financial savings, not even a bank
account. Even among those families in the lowest quintile of the income distribution
who do have financial savings, the median holding is a very modest $1,300. If we
rank families by net worth rather than income, among families in the lowest quarter
of net worth, the median value of total financial assets was just $1,000.
The SCF data also indicate that many LMI households live with heavy debt
burdens and impaired credit histories. For example, 27 percent of the families in the
lowest quintile of the income distribution had debt-to-income ratios over 40 percent.
In contrast, only about two percent of families in the highest quintile of the income
distribution had such heavy debt-to-income ratios. In addition, among families in the
lowest quintile of the income distribution, 16 percent had been late sixty days or
小学教师实习报告 more in paying a bill during the previous year. Among families in the highest
quintile of the income distribution, only about two percent reported being late sixty
days or more.
The Freddie Mac Corporation (1999), a large government-sponsored housing
enterprise, found similar results in its 1998 survey of 20,000 households with incomes
under $75,000. The survey focused on the households' credit histories and financial
behaviors. It classified a household as having a "bad" credit record if the household
reported that: it had been at least 90 days late on a payment in the previous two years, it had been 30 days late on a payment more than once in the previous two
years, or if it had a record of bankruptcy or liens files on its property due to payment
delinquencies.
By these criteria, at least 36 percent of the households with 1998 income below
$25,000 had bad credit histories. The percentage could actually be substantially higher
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