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Share Name | Share Symbol | Market | Type |
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JP Morgan Chase and Co | NYSE:JPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.5732 | 0.30% | 191.0832 | 192.06 | 189.815 | 191.50 | 4,976,115 | 20:28:39 |
Major Medical Payments Coincide With Income Increases Like Tax Refunds, Yet Families Don’t Recover Financially Within One Year
New JPMorgan Chase Institute data on the financial health of U.S. households show that in any given year almost four in ten families make an extraordinary payment related to medical services, auto repair, or taxes of roughly $1,500, and it’s taking them over a year to recover from major medical expenses. Middle-income households also experienced a nearly $1,300 swing in monthly expenses, which is the equivalent of one month’s rent or mortgage payment.
Coping with Costs: Big Data on Expense Volatility and Medical Payments builds on anonymized account data of roughly 250,000 core Chase checking account customers from January 2013 to December 2015. It is the third in a series of Institute reports evaluating household finances, including its inaugural report, Weathering Volatility: Big Data on the Financial Ups and Downs of US Individuals and its report on income volatility, Paychecks, Paydays and the Online Platform Economy: Big Data on Income Volatility.
This new report found that extraordinary medical payments were most common during tax season and coincided with a 4 percent increase in total income. Families acquired over $900 more in liquid assets before making a major medical payment, yet many families did not recover financially within a year after making a major medical payment. Twelve months after the payment, savings remained depleted for almost half of families (48%) and credit card debt remained elevated for almost a third of families (33%).
“This could be the most granular look at families’ financial volatility we have ever seen,” said Diana Farrell, President and CEO, JPMorgan Chase Institute. “Even with more money in their pocket from tax refunds, the strain of major and unexpected medical costs are hitting families hard and making it difficult for them to recover.”
Following are the key findings for this most recent look at the state of expense volatility for US households.
Key Findings: Coping with Costs: Big Data on Expense Volatility and Medical Payments
“Our integrated, high-frequency data on income, expenses, assets, and liabilities shed new light on the connection between physical health and financial health and the reality that families are not fully insured against the economic consequences of major health events,” added Farrell. “This indicates a need for better products and solutions to help families manage expense volatility and become more financially resilient.”
View the full report Coping with Costs: Big Data on Expense Volatility and Medical Payments.
The JPMorgan Chase Institute is a global think tank dedicated to delivering data-rich analyses and expert insights for the public good. Its aim is to help decision makers – policymakers, businesses, and nonprofit leaders – appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use better facts, timely data, and thoughtful analysis to make smarter decisions to advance global prosperity. Drawing on JPMorgan Chase & Co.’s unique proprietary data, expertise, and market access, the Institute develops analyses and insights on the inner workings of the global economy, frames critical problems, and convenes stakeholders and leading thinkers. For more information visit: jpmorganchaseinstitute.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209005430/en/
Media:JPMorgan Chase & Co.Nicole Kennedy, 215-864-5732nicole.kennedy@chase.com
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