August 2023

Spotlight on: Liquid Assets, Financial Shocks, and Entrances into Material Hardship

While a substantial share of New Yorkers face persistent material hardship year over year, for many, experiences of hardship are periodic.

Contributors: Matthew Maury, Sophie Collyer, Benjamin Glasner, Yajun Jia, Christopher Wimer, Christopher Yera

Issues Areas: Financial Security

Poverty Tracker data shows that over a two-year period, half of New Yorkers will experience hardship in at least one year. Of those New Yorkers who face hardship in at least one year, more than half will not face hardship in both years, instead either entering or exiting hardship from one year to the next. Given these fluid experiences, this report explores which events and circumstances push New York families into hardship and whether assets may prevent a slide into hardship. Understanding the answers to these questions can help inform policymakers who aim to increase economic security and stability for individuals, families, and communities.