How many people are financially secure in Harris County?

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Only one in three residents think they have financial security, which is defined as having enough money put away in savings to sustain for three months or longer.

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HOUSTON — A new study showed that a majority of Houstonians are struggling to achieve financial stability.

The study, conducted by Rice University’s Kinder Institute for Urban Research in collaboration with the United Way of Greater Houston, found that while about 64% of Houston residents regularly save, only one in three believe they’ve achieved financial security, which is defined as having enough money put away in savings to sustain for three months or longer.

Financial security varies by region, from 21% in northeast Harris County to 47% in western Harris County.

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There are also disparities when it comes to race and income level.

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Here’s a look at the top challenges the residents reported:

Emergencies (80%)
Housing costs (76%)
Medical expenses (63%)
Dining out and vacations (63%)
Credit card debt (61%)

The study was based on information reported by more than 5,500 Harris County residents in late 2023.

Dan Potter is the director of the Kinder Institute’s Houston Population Research Center and one of the authors of the report.

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“Financial security is a critical determinant of health, education and overall well-being, yet the research highlights a substantial gap in residents’ ability to build the safety net required for resilience and prosperity,” Potter said in an emailed news release. “More than 40% of Houston-area residents cannot cover a $400 emergency expense, and these numbers are even higher for Hispanic and Black residents. Our research underscores the urgency of creating programs that not only encourage saving but also address systemic barriers to financial security.”

When asked why they don’t budget, 39% of respondents said they don’t earn enough, 18% said they don’t know how to start and 16% said they find it stressful.

Here are some more highlights from the report: