Employees’ financial behaviors following the 2007–2009 financial crisis

Authors

  • Crystal Hudson Clark Atlanta University
  • Wookjae Heo South Dakota State University
  • Heejung Park University of Wyoming, Department
  • Lance Palmer University of Georgia

DOI:

https://doi.org/10.61190/fsr.v26i1.3294

Keywords:

Financial behaviors, Low-income employees, Financial crisis

Abstract

Low- and middle-income employees make up the bulk of potential participants in employer sponsored retirement plans; however, employers find it difficult to alter their savings behavior. Financial crises may have unintended positive effects on low-income employees’ behavior. Therefore, this study examined the effect of the 2007–2009 financial crisis on employees’ financial behaviors; through ordered logistic regression analyses of data from the Survey of Consumer Finances. Following the crisis, all employees’ and low-income employees’ savings behavior significantly improved. Moreover, all employees’ cash flow management behavior improved following the crisis, while it had no effect on low-income employees’ cash flow management behavior.

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Published

2017-03-30

How to Cite

Hudson, C., Heo, W., Park, H., & Palmer, L. (2017). Employees’ financial behaviors following the 2007–2009 financial crisis. Financial Services Review, 26(1), 19–36. https://doi.org/10.61190/fsr.v26i1.3294

Issue

Vol. 26 No. 1 (2017): Spring 2017

Section

New Original Submission

License

Copyright (c) 2014 Academy of Financial Services

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