Beginning in the 1990s, many scholars have theorized the possible positive effects of holding assets. One hypothesized benefit is that holding assets can reduce the likelihood of experiencing material hardships, such as the inability to pay for food, shelter, basic utilities, or medical care. This benefit could be particularly strong for households experiencing economic shocks, such as job loss, the onset of work-limiting health conditions, or changes to household composition. Such events can destabilize a household's income. This study builds on the work of McKernan, Ratcliffe, and Vinopal (2009) to explore whether holding assets, both liquid assets and homeownership, is associated with lower levels of material hardship for households that experience economic shocks. I utilize data from the 2008 Survey of Income and Program Participation. I find that asset poor households have higher rates of material hardships and that this relationship is strongest for households in the bottom third of the income distribution. I also find that homeownership is generally associated with lower hardship rates, but few of the results are statistically significant.