For the study, the JPMorgan Chase Institute assembled a de-identified data asset of nearly 250,000 Chase customers between 2013 and 2015.
Here are seven study findings.
1. The new study found expenses fluctuate by nearly $1,300 or 29 percent on a month-to-month basis for median-income households, or $7,391 year-to-year.
2. Older families typically had less volatile incomes, but they had a larger range of income and expense volatility, according to the study.
3. Nearly 40 percent of families per year — particularly middle-income and older families — made an extraordinary payment of more than $1,500 related to medical services, auto repair or taxes.
4. Sixteen percent of families made at least one major medical payment in a given year, including 3 percent who made two or more.
5. The study found extraordinary medical payments were most common in March and April and coincided with a 4 percent increase in total income increases. Researchers primarily attributed the income increase to tax refunds rather than labor income.
6. Prior to a major medical payment, families gathered funds to pay the bill but did not recover financially within 12 months after the payment, according to the study.
7. Families acquired more than $900 in additional liquid assets before a major medical payment, according to the study.
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