Housing costs, unexpected home or car expenses and debt were the top three reasons given as barriers to saving among residents of Harris County.
A recent Rice University study found that one-third of Houstonians had enough savings to cover three months of living expenses — a threshold often used to determine financial security.
The study was released Monday by Rice University’s Kinder Institute for Urban Research with assistance from United Way of Greater Houston. The goal of the study was to examine possible links between Harris County residents’ financial security and their saving and budgeting practices. The study collected data from more than 5,200 residents of Harris County, which includes Houston.
Dan Potter, the director of the Kinder Institute’s Houston Population Research Center, was one of the authors of the report. He said the study’s findings further reinforce the need for more financial education…