Savings are essential for families to respond to risks against adverse financial shocks and reduce costs of uncertainties in the future. However, personal savings have been decreasing among US households. This study analyzes the determinants of liquidity constraints and savings for the relatively understudied middle class. The study finds evidence of substantial liquidity constraints—Eighty percent of households in the middle class are liquidity constrained. Furthermore, the results suggest that high-debt payments and high-interest-rate credit cards amplify the effects of liquidity tightness and hinder savings for children's education, a first-home purchase, or later-on-in-life medical spending.

中文翻译：

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流动性约束和债务：对中产阶级储蓄行为的影响

储蓄对于家庭应对不利金融冲击的风险和降低未来不确定性的成本至关重要。然而，美国家庭的个人储蓄一直在下降。本研究分析了研究相对较少的中产阶级的流动性限制和储蓄的决定因素。该研究发现了流动性严重受限的证据——80% 的中产阶级家庭流动性受限。此外，结果表明，高额债务支付和高利率信用卡会放大流动性紧张的影响，并阻碍为孩子的教育、首次购房或晚年医疗支出进行储蓄。