Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Consumer Financial Access Trends After the Great Recession: A Latent Transition Analysis

Consumer Financial Access Trends After the Great Recession: A Latent Transition Analysis This study examined the U.S. household financial access trends during 2012–2018 after the Great Recession of 2007–2009. Data was from a nationally representative sample ( n = 2,094) of adults from the American Life Panel who completed questions from the National Financial Capability Study (NFCS) in 2012 and 2018. Latent transition analysis (LTA) was used to examine trends across seven financial access indicators, including banked status and alternative financial services (AFS) use. Results suggest the presence of three latent statuses Low Access, Partial Access , and High Access . Only 24.5% of people in the Low Access status and 2.6% of people in the Partial Access status in 2012 transitioned into the better financial access status in 2018. Policy and practice implications to improve people’s financial access are discussed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Consumer Financial Access Trends After the Great Recession: A Latent Transition Analysis

Loading next page...
 
/lp/springer-publishing/consumer-financial-access-trends-after-the-great-recession-a-latent-jOQ0quDi7O
Publisher
Springer Publishing
Copyright
© 2022 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/jfcp-2021-0016
Publisher site
See Article on Publisher Site

Abstract

This study examined the U.S. household financial access trends during 2012–2018 after the Great Recession of 2007–2009. Data was from a nationally representative sample ( n = 2,094) of adults from the American Life Panel who completed questions from the National Financial Capability Study (NFCS) in 2012 and 2018. Latent transition analysis (LTA) was used to examine trends across seven financial access indicators, including banked status and alternative financial services (AFS) use. Results suggest the presence of three latent statuses Low Access, Partial Access , and High Access . Only 24.5% of people in the Low Access status and 2.6% of people in the Partial Access status in 2012 transitioned into the better financial access status in 2018. Policy and practice implications to improve people’s financial access are discussed.

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jul 8, 2022

References