Financial security occurs when people have enough money to cover day-to-day expenses and withstand economic shocks for at least three months. This study explores the relationship between financial security, budgeting practices and saving habits for Harris County residents.
Key findings
- About one-third (34%) of Harris County residents are financially secure.
- Nearly two-thirds (64%) of residents save regularly, either by setting aside a regular amount each month (31%) or setting aside what is left at the end of the month (33%). Residents who save regularly are more likely to be financially secure.
- For residents not saving, the most common barriers are needing to pay for expenses such as home or car repairs (80%) and housing costs (76%).
- About two-thirds (64%) of residents use either a formal or informal budget. In this study, budgeting was not linked with an increase in financial security, but it was not detrimental to it either.
This report was supported made possible by lead funding from Verizon.
