Savings and family functioning since the 2008 recession: An exploratory study in Singapore

Abstract

Using a survey of 200 low- to moderate-income households in Singapore, this study analyzes how changes in economic resources (in particular assets) are associated with family strains and family functioning. Key findings of this study are as follows: 1) a majority of the sample experienced reduced economic resources; 2) a reduction of savings increased family strain; 3) households experiencing decreases in savings have lower levels of family functioning measured by family social support and family cohesiveness. This article concludes with several implications for policy and practice.