Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?

IF 3.3 Q1 BUSINESS, FINANCE
Fumiko Hayashi, Aditi Routh, Ying Lei Toh
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Abstract

Promoting bank account ownership is important because having a bank account is the foundation for households’ financial well-being. Unbanked households differ in their likelihood of opening a bank account, and understanding the factors associated with these differences can help policymakers and industry stakeholders to tailor financial inclusion strategies. This study examines which factors are associated with unbanked households that are more (or less) likely to open a bank account. We use data from the FDIC National Surveys of Unbanked and Underbanked Households and assess the likelihoods of opening a bank account for different groups of unbanked households divided based on their prior banking status and interest in having a bank account. Unbanked households that previously had a bank account and are interested in having a bank account are more likely to open an account. These households tend to be unemployed, more educated, and native born, to have access to digital technologies, to use alternative financial services, and to be unbanked because of unfavorable bank account features. In contrast, households that never had a bank account and are uninterested in a bank account are less likely to open an account. These households tend to be not in the labor force, less educated, of a racial minority, and foreign born, to lack access to digital technologies, and to rely heavily on cash. Moreover, they tend to distrust banks. Advancing financial inclusion for this group will require strategies to increase their trust in the financial services industry.

异质性无银行账户家庭:哪类家庭更有可能(或更不可能)开立银行账户?
促进银行账户所有权非常重要,因为拥有银行账户是家庭金融福祉的基础。无银行账户家庭开立银行账户的可能性各不相同,了解与这些差异相关的因素有助于政策制定者和行业利益相关者量身定制普惠金融战略。本研究探讨了哪些因素与无银行账户家庭更有可能(或更不可能)开设银行账户有关。我们使用联邦存款保险公司(FDIC)全国无银行账户和银行账户不足家庭调查的数据,根据无银行账户家庭之前的银行业务状况和对开设银行账户的兴趣,评估不同无银行账户家庭群体开设银行账户的可能性。以前拥有银行账户并对拥有银行账户感兴趣的无银行账户家庭更有可能开设账户。这些家庭往往是失业家庭、受教育程度较高的家庭、土生土长的家庭、有机会接触数字技术的家庭、使用其他金融服务的家庭,以及因为银行账户的不利特征而没有银行账户的家庭。相比之下,从未有过银行账户且对银行账户不感兴趣的家庭开设账户的可能性较低。这些家庭往往没有劳动力,受教育程度较低,属于少数种族,在国外出生,缺乏使用数字技术的机会,并严重依赖现金。此外,他们往往不信任银行。要推进对这一群体的金融包容性,就必须制定战略,增强他们对金融服务业的信任。
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来源期刊
CiteScore
6.20
自引率
2.60%
发文量
31
期刊介绍: Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.
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