Household Financial Access and Use of Alternative Financial Services in the U.S.: Two Sides of the Same Coin?

Birkenmaier, Julie; Fu, Qiang

doi:10.1007/s11205-017-1770-6

Cited by 27 publications

(22 citation statements)

References 26 publications

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“…However, there are different understandings of the ways in which AFS and "financial access" relate to each other. For example, despite the trend that seeks to define financially excluded people as those turning to AFS (see Islam and Simpson, 2018;Koku and Jagpal, 2015;Caplan, 2014), Birkenmaier and Fu (2018) assert that financial access and AFS use are not the inverse of one another, but two separate weakly and positively correlated concepts. The results of this work illustrate the complex relationship between these terms.…”

Section: Afs and Predatory Lending One Last Chance For Excluded People?mentioning

confidence: 99%

Systematized literature review on financial inclusion and exclusion in developed countries

Fernández–Olit

Martín

González

2019

IJBM

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Purpose The purpose of this paper is to provide a systematic literature review of the research published on financial inclusion (FI) and financial exclusion (FE) in developed countries using key terms and strict inclusion and exclusion criteria. Design/methodology/approach In total, 52 papers were deemed to be relevant to the analysis. These works were critiqued using a framework that addressed geographical contexts, topics, methodologies and theoretical frameworks. Findings This review highlights the uneven level of development of the academic debate between North America, the UK and continental Europe, and identifies the different theoretical frameworks that construe the body of literature in each region. In addition, the findings show the scant offer of work on the impact that the digital economy has on FE, as well as the reduced number of studies which have focused on certain vulnerable groups and the access to some financial services. Social implications The studies reviewed have not analyzed the specific needs of vulnerable groups while considering the different contexts and pathways to exclusion. The evaluation of solutions and strategies to achieve inclusion is one of the least addressed aspects in the literature. Originality/value The paper synthesizes the main contributions of the top literature on the redefinition of FI/FE in developed countries, the role of fringe services and new determinants of exclusion. The proliferation of studies regarding FI in low- and middle-income countries has generated a great amount of meta-analysis and systematized reviews of asymmetric results. However, no systematized literature review on the broad scope of FI/FE in developed countries has been published in the last decade. This work sheds light over poorly analyzed areas of research that refer to notable social problems.

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Section: Afs and Predatory Lending One Last Chance For Excluded People?mentioning

confidence: 99%

Systematized literature review on financial inclusion and exclusion in developed countries

Fernández–Olit

Martín

González

2019

IJBM

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“…The roles of financial literacy and possession of adequate cognitive ability have been widely studied in various financial behaviors and outcomes. This has been shown in studies of alternative financial services (Lusardi and Tufano, 2015; Robb et al ., 2015; Birkenmaier and Fu, 2018), stock market participation (Van Rooij et al ., 2011) and savings behavior (Lusardi, 2008; Kim and Yuh, 2018). With respect to retirement savings, Lusardi (2008) demonstrated a positive link between financial literacy and planning for retirement.…”

Section: Introductionmentioning

confidence: 99%

Racial/ethnic differences in holding a retirement saving motive: A decomposition analysis

Kim

Cho

DeVaney

2020

Journal of Consumer Affairs

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Establishing a retirement goal facilitates one's long‐term financial planning behavior. Yet, the portion of U.S. households who achieve this goal is relatively small. Further, the percentage is much lower among racial and ethnic minorities. This study investigates racial/ethnic disparities in motives for holding a retirement savings and contributing factors to explain the gaps. Results from the 2016 Survey of Consumer Finances (SCF) indicate that White respondents were more likely to hold a retirement saving motive than were other racial/ethnic groups, even after controlling for various socio‐economic characteristics. Decomposition analysis shows that homeownership, objective financial knowledge, planning horizon, and age were the most important determinants that explain the racial/ethnic gap in withholding a retirement saving motive. This study provides evidence in support of the importance of tailored educational interventions among racial/ethnic groups.

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“…Consequently, our measurement model provides a reliable source of information for a better impact assessment of educational policies. Nevertheless, a broader policy perspective is needed for factors that are outside of consumer's control, including economic hardship (von Stumm et al, 2013) and granting access to affordable credit products (Birkenmaier & Fu, 2018). However, we should be cautious in designing education and policy interventions that include too many components and mechanisms of financial capability.…”

Section: Discussionmentioning

confidence: 99%

What Factors Predict a Positive Change in a Consumer’s Financial Capability over Time? The New Evidence from Poland

Potocki

Białowąs

2022

J Fam Econ Iss

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Despite the significant attention that financial capability has received in the last 20 years, many of its aspects are poorly understood, and the term itself is ambiguously defined. Consequently, different measures of financial capability are used in empirical research creating a tendency to let the data dictate the conceptualization of the financial capability itself. This creates concerns about the reliability of the general findings for countries in Eastern Europe such as Poland. Therefore, the following study is carried out to address these limitations and contribute to the advancement of the literature on financial capability, first, by extending the mainstream of the theoretical work on financial capability with the conceptual proposition framed within Sen’s Capability Approach; second, by proposing the measurement model of financial capability; and third, by using data from the Polish household panel study, Social Diagnosis (SD), to identify factors which predict a positive change in consumer’s financial capability over time. Across these three aims, we found that higher income was a key predictor and substantially improved financial capability in Poland. We also showed the strong and positive link between financial capability and all included psychological variables. Our findings also highlighted the differential impact of demographic variables on financial capability. The findings of this study yield implications for scholars who would like to analyze financial capability in transition or developing countries, but are constrained by limited financial resources to create their own database or have no access to national financial capability studies.

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Household Financial Access and Use of Alternative Financial Services in the U.S.: Two Sides of the Same Coin?

Cited by 27 publications

References 26 publications

Systematized literature review on financial inclusion and exclusion in developed countries

Systematized literature review on financial inclusion and exclusion in developed countries

Racial/ethnic differences in holding a retirement saving motive: A decomposition analysis

What Factors Predict a Positive Change in a Consumer’s Financial Capability over Time? The New Evidence from Poland

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