Save the Date for Savings

Do you have enough savings? It may be hard to know. Come to the latest installment of the Center on the Family’s Brown Bag Seminar Series, entitled “Prepared for a Rainy Day? A Refined Measure for Emergency Saving Adequacy of Households.” Hua Zan (COF) will be giving the talk in Miller Hall 2, at 12 noon on Friday, March 23. As Hua explains, having enough savings is important for the financial resiliency of families; it provides a cushion when emergencies occur. Financial experts suggest setting aside enough savings to cover at least 3 to 6 months of living expenses for emergencies such as large out-of-pocket medical costs, car repairs, and job loss. However, research about emergency savings adequacy is often limited by the lack of quality data on both savings and expenditures. This presentation focuses on a review of existing studies, the estimation method using two national data sources, the Consumer Expenditure Survey and the Survey of Consumer Finances; the studies’ relevance to Hawai‘i; and a discussion about implications.