We explore whether a protective role for savings against future financial hardship exists using household level panel data for a nationally representative sample of UK households. We jointly model the incidence and extent of financial problems, using a dynamic two-part approach allowing different data-generating processes for experiencing financial hardship and the extent of financial hardship experienced. Our results show that: (i) saving on a regular basis mitigates against the likelihood of experiencing, as well as the number of, future financial problems; (ii) state dependence in financial problems exists; (iii) interdependence exists between financial problems and housing costs, with higher housing costs associated with an increased probability of experiencing financial hardship.

我们使用具有全国代表性的英国家庭样本的家庭层面面板数据来探讨储蓄是否存在保护作用，以应对未来的财务困难。我们共同模拟财务问题的发生率和程度，使用动态的两部分方法允许不同的数据生成过程来经历财务困难和经历的财务困难程度。我们的结果表明：(i) 定期储蓄可以降低未来发生财务问题的可能性和数量；㈡ 存在财政问题的国家依赖性；(iii) 财务问题与住房成本之间存在相互依存关系，住房成本越高，遇到经济困难的可能性越大。