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• W2302701970 abstract "Poverty can be conceptualized and measured in several different ways. The most common approach has been to rely on a scarcity of income as the basis for poverty. This paper analyzes poverty using a relatively new and alternative measuring stick – that of asset poverty. Using data from the Panel Study of Income Dynamics, we examine the extent to which individuals have enough assets to allow them to live for three months above the official poverty line. Households that fail to have the necessary amount of assets are considered asset poor. Three different measures of counting assets are used in this paper – net worth; financial wealth; and liquid wealth. We construct a series of life tables that allow us to examine the period, cohort, and age patterns of asset poverty from 1984 to 2004. Our results indicate that asset poverty is widespread across the life course. The vast majority of those in early adulthood will experience asset poverty in terms of their net worth, financial wealth, and liquid wealth. For those in the middle and later stages of the life course, there remains a substantial risk of encountering financial wealth and liquid wealth asset poverty. In addition, individuals who are nonwhite, have less education, are not married, and who do not own a home, are all significantly more likely to experience asset poverty. ESTIMATING THE LIFE COURSE DYNAMICS OF ASSET POVERTY Within academic and policy circles, poverty has typically been measured through the metric of income. In many ways, this makes much sense. A sufficient income enables households to purchase the goods and services necessary to function in a reasonable and adequate fashion throughout the weeks, months, and years. There is, however, another key aspect of economic well-being that has been largely neglected within the poverty literature – whether households have accrued enough financial resources to sufficiently tide them over when their income streams slow down or halt. One of the critical functions of accumulated assets is that they allow households to acquire some amount of security in times of economic downturns. Economists refer to this as the ability of assets and savings to protect consumption against unexpected shocks (Cagetti, 2003). Recent research suggests that this function may be of increasing importance in today’s society. Using the Panel Study of Income Dynamics (PSID), the work of Rank and Hirschl (2001a; 2001b) has demonstrated that the lifetime risk of experiencing income poverty at some point during adulthood is exceedingly high. Between the ages of 20 and 75, 58 percent of Americans will experience at least one year below the official poverty line, while 75 percent will encounter a year below 1.50 of the poverty line (Rank and Hirsch, 1999). Furthermore, two thirds of Americans will rely on a means tested safety net program between the ages of 20 and 65 (Rank and Hirschl, 2002), and 40 percent of Americans will use such a program in five or more separate years (Rank, 2004). Additional work (Sandoval, Rank, and Hirschl, 2008) has indicated that the life course risk of poverty has been on the increase during the past 30 years, particularly during the1990's, mirroring the increase in job and work insecurity (Fligstein and Shin, 2004). 2 Similar findings have been observed cross-culturally as well. For example, Leisering and Leibfried write with regard to their life course analysis of poverty in Germany, Poverty is no longer (if ever it was) a fixed condition or a personal or group characteristic, but rather it is an experience or stage in the life course. It is not necessarily associated with a marginal position in society but reaches well into the middle class. Poverty is specifically located in time and individual biographies, and, by implication, has come to transcend traditional social boundaries of class (1999, p. 239). The work of Hacker (2006) has also documented the increasing prevalence of income volatility, particularly downward mobility. Using the PSID, Hacker demonstrates that income instability in the mid 1990's was nearly five times higher than in the early 1970's. He notes that such patterns of rising income instability and insecurity mirror an overall trend in the United States, “As both employment-based social benefits and government programs have eroded, social risks have shifted from collective intermediaries – government, employers, large insurance pools – onto individuals and families” (2004, p. 252). All of this work indicates that more Americans, particularly those in the bottom half of the income distribution, are vulnerable to periods of income deprivation at points along the life course. The presence of assets can partially alleviate the shocks of such deprivation. Yet how widespread are such assets for lower-income households?" @default.
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• W2302701970 date "2010-01-01" @default.
• W2302701970 modified "2023-09-23" @default.
• W2302701970 title "Estimating the Life Course Dynamics of Asset Poverty" @default.
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• W2302701970 doi "https://doi.org/10.7936/k7n0162w" @default.
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