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

Learn More →

Differences in Bank Account Ownership Among White, Black, and Latino Children and Young Adults

Differences in Bank Account Ownership Among White, Black, and Latino Children and Young Adults <p>Using data from the Panel Study of Income Dynamics (PSID) Child Development Supplement and Transition into Adulthood, this study compared Whites, Blacks, and Latinos to identify racial and ethnic differences in bank account ownership. Having a bank account as a child was significantly associated with bank account ownership in young adulthood. Black children and young adults lagged in bank account ownership. Parental bank account ownership and family wealth increased the odds of bank account ownership for White children significantly more than for Black children. Financial independence, employment status, and educational attainment of young adults showed greater associations with bank account ownership than family background. Findings call for educational programs and policies to increase opportunities for the bank account ownership of minority youths.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Differences in Bank Account Ownership Among White, Black, and Latino Children and Young Adults

Loading next page...
 
/lp/springer-publishing/differences-in-bank-account-ownership-among-white-black-and-latino-TrJfmflWx1
Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.27.2.212
Publisher site
See Article on Publisher Site

Abstract

<p>Using data from the Panel Study of Income Dynamics (PSID) Child Development Supplement and Transition into Adulthood, this study compared Whites, Blacks, and Latinos to identify racial and ethnic differences in bank account ownership. Having a bank account as a child was significantly associated with bank account ownership in young adulthood. Black children and young adults lagged in bank account ownership. Parental bank account ownership and family wealth increased the odds of bank account ownership for White children significantly more than for Black children. Financial independence, employment status, and educational attainment of young adults showed greater associations with bank account ownership than family background. Findings call for educational programs and policies to increase opportunities for the bank account ownership of minority youths.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2016

There are no references for this article.