Essays on the financial crisis of 2007-2009: Analysis of wealth, changes in saving motives, and the demand for financial advice



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The financial crisis and the economic downturn of 2007 had devastating effects on all areas of the U.S. economy including the households. Increasing concerns about the financial well-being of individual households among researchers, political groups, governmental agencies as well as citizens in the past few decades, and the intensity of the impact of the crisis have led numerous efforts to investigate the root of the problem, ways to address it, and ways to prevent it from happening in the future; yet, additional insight into the changes in the financial situations, economic outcomes of the recession, and their consequences is needed to provide a more clear picture of its effects on individual households. Tables 1.1 and 1.2 show the mean changes in wealth (net worth), debt, income, and assets (financial and non-financial) of individual households, respectively.



Financial crisis, Wealth, Saving motives, Professional financial advice