Released Jan. 13, the study surveyed more than 5,500 Harris County residents about their budgeting and saving practices.
The data
About 64% of residents said they have a budget. Of those who don’t budget, 39% said they felt they didn’t earn enough to justify needing a budget and 14% said they felt they had enough money. Others said they didn’t know how to get started or felt the process was too stressful, according to the report.
When it comes to saving, 33% said they save what is left after monthly expenses; 31% said they save a set amount regularly; and 36% said they don’t save.
Researchers found that those who saved were more likely to be financially secure. However, budgeting alone did not directly lead to financial security.
Dan Potter, director of the Kinder Institute’s Houston Population Research Center and one of the authors of the report, called on policymakers and community organizations to provide financial education resources and address systemic barriers to financial stability.
“Financial security is a critical determinant of health, education and overall well-being, yet the research highlights a substantial gap in residents’ ability to build the safety net required for resilience and prosperity,” Potter said in a statement. “More than 40% of Houston-area residents cannot cover a $400 emergency expense, and these numbers are even higher for Hispanic and Black residents.”
