Labor income risks that vary over time can impact how households spend money. A study looked at how these risks affect consumption choices using real-life data. They found that during economic downturns, people who own stocks are better at cutting back on unnecessary spending compared to those who don't own stocks. This effect lasts over time. Stockholders are more likely to be self-employed or work in finance, and these factors influence how they respond to income risks. Additionally, regional differences in income risks can also impact how much people spend in different areas.