Family Finances

Eight Truths about Savings and Four Principles for Inclusion

April 26, 2021  • Financial Security Program & Katherine Lucas McKay

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Savings is the most common and, often, most effective tool that households can use to manage the unexpected and maintain a baseline level of financial security. Lack of savings, on the other hand, is a primary driver of most of the financial security challenges facing people and families.

Over the past five years, Aspen FSP has deeply investigated many aspects of households’ financial lives, from income volatility to debt, housing to caregiving, and short-term stability to retirement security. Looking across our work in all of these areas, eight foundational truths emerge; our new brief also includes four design principles for creating inclusive savings opportunities.

Policymakers and employers can use this brief to gain a new perspective on the many ways that savings undergird every aspect of financial security, learn what innovative leaders across sectors are doing now, and take action to ensure that the financial tools and benefits they provide are conducive to building both short- and long-term savings.

This brief was made possible through the generous support of the BlackRock Charitable Fund.