Thriving Residents, Thriving Cities: Family Financial Security Matters for Cities
Cities where families tend to have nonretirement savings – even as little as $250 – are financially healthier and better able to provide social services, according to a new report from the Urban Institute. Thriving Residents, Thriving Cities: Family Financial Security Matters for Cities finds that for low-income urban families, savings matter much more than income. Low-income families with savings of a few thousand dollars are more capable of weathering financial disruptions than middle-class families with no savings, according to the report. The authors argue that when families are able to pay utility bills on time, make consistent rent or mortgage payments, and remain in stable housing, cities are more financially stable.