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Why Don't Households Have a Checking Account?
Author(s) -
HOGARTH JEANNE M.,
ANGUELOV CHRIS E.,
LEE JINKOOK
Publication year - 2004
Publication title -
journal of consumer affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.582
H-Index - 62
eISSN - 1745-6606
pISSN - 0022-0078
DOI - 10.1111/j.1745-6606.2004.tb00463.x
Subject(s) - marital status , race (biology) , ethnic group , economics , human capital , time horizon , demographic economics , sociology , economic growth , finance , demography , gender studies , population , anthropology
Using the Surveys of Consumer Finance from 1989 to 2001, this study expolres households’ reasons for not having a checking account. Reasons havechanged over time, shifting away from account features and toward human capital and institutional reasons. We also find that reasons for not having an account are related to income, race/ethnicity, marital status/gender, planning horizon, education, previous account experience, and credit history. We suggest potential responses for community educators, firms, and policy makers.