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Understanding Minority Households as Consumers of Financial Services
Author(s) -
Rubio Alicia Rodriguez
Publication year - 2013
Publication title -
family and consumer sciences research journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.372
H-Index - 31
eISSN - 1552-3934
pISSN - 1077-727X
DOI - 10.1111/fcsr.12049
Subject(s) - financial services , investment (military) , white (mutation) , business , demographic economics , financial literacy , finance , marketing , advertising , economics , political science , biochemistry , chemistry , politics , law , gene
This study examined minority households' financial behavior in the last decade. Data were from the 2001, 2004, and 2007 Survey of Consumer Finances. Chi‐square analysis was used to compare the sources of information for making savings and investment decisions and the reasons for saving of Hispanic, A frican A merican, and White households. African A merican and Hispanic households were more likely to save to buy a house or pay for their children's education. African American households were more likely to use the television and the radio as sources of information, whereas Hispanic households were more likely to use the advice of a friend or relative.