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The squeezed middleThe pressure on ordinary workers in America and Britain$
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Sophia Parker

Print publication date: 2013

Print ISBN-13: 9781447308942

Published to Policy Press Scholarship Online: September 2013

DOI: 10.1332/policypress/9781447308942.001.0001

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Insulating middle-income households from economic insecurity: why savings matter, and how we can increase them

Insulating middle-income households from economic insecurity: why savings matter, and how we can increase them

Chapter:
(p.116) (p.117) 2.6 Insulating middle-income households from economic insecurity: why savings matter, and how we can increase them
Source:
The squeezed middle
Author(s):

Joanna Smith-Ramani

Preeti Mehta

Publisher:
Policy Press
DOI:10.1332/policypress/9781447308942.003.0009

Alongside housing, savings also provide an important cushion against economic shocks and a spur to economic opportunity. This chapter describes experiments, including child savings accounts, matching schemes and prize-linked savings, that have been tried to address the market failures, poor public policies, and individual behaviours that prevent low-income households from saving. Innovation has been extensive in the US and the chapter highlights lessons for the development of new savings products in the UK.

Keywords:   Savings, Market failure, Resilience, Low income

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