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Figure 25: Average

Figure 25: Average Income, Spending and Balances by Income Segment There was also a clear difference in the cash flow management challenges faced by respondents with high-income variation compared to those with low-income variation. In Table 12, we show the number of deficit weeks that each segment experienced as a proportion to all of the weeks for which we have data for that segment. A deficit week is a week when business and household spending exceeded income. Those with low-variation experienced deficits 39 percent of the time, while those with high-variation experienced them 60 percent and 53 percent of the time depending on whether they were high-income or lowincome individuals respectively. Table 12: Proportion of Deficit Weeks by Segment Segment Proportion of Deficit Weeks to Total Weeks High-Income, High-Variation 60% High-Income, Low-Variation 39% Low-Income, High-Variation 53% Low-Income, Low-Variation 39% Go To Menu 33

Examining the degree to which weekly income and weekly household spending move together can also provide insight into whether our respondents smoothed their consumption. An association between income and household spending would suggest that respondents were not smoothing their consumption in the face of volatile income—that changes in income from week to week resulted in changes in spending from week to week. The lack of an association would suggest that either respondents were smoothing their consumption or there was some factor other than income volatility driving week-to-week changes in their spending. We found a weak association between income and household spending across the sample. The correlation coefficient was 0.12, where a coefficient of one (or negative one) indicates a one-to-one match between changes in income and household spending and a coefficient of zero indicates no correlation. There is little difference in the correlation coefficients of men’s and women’s income and spending. 1 The correlation between income and spending varied across income segments. The two segments with high-variation in their incomes had lower correlations than the low-variation segments. Table 13: Correlation between Income and Household Spending by Income Segment Segment Correlation Coefficient Household Spending and Income High-Income, High-Variation 0.10 High-Income, Low-Variation 0.24 Low-Income, High-Variation 0.17 Low-Income, Low-Variation 0.24 Total 0.12 All of the segments had roughly the same level of spending variation—their coefficient of variance was around 1.4. By definition, their income variation was different from segment-to-segment. In addition, in all but the high-income/low-variation segment, the variation in income was greater than the variation in spending (Figure 26). In other words, respondents in our sample generally spent money more consistently than they earned it. Figure 26: Income and Spending Variation by Income Segment The correlation coefficient was 0.125 for men 0.134 for women. 34 Go To Menu

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