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Factors Associated With Electronic Banking Adoption

Factors Associated With Electronic Banking Adoption <p>Using data from the 2016 Survey of Consumer Finances, this study investigates factors that affect electronic banking adoption rates. Financial knowledge, income, education, and credit card ownership are associated with a high probability of electronic banking adoption. However, age is negatively associated with the probability of online banking adoption and the African American consumer is less likely to adopt electronic banking. This result is more prominent for African American women but does not hold for African American business owners. Financial counselors, planners, and educators should be aware and sensitive to these differences in order to provide additional education as needed on how to effectively use electronic banking services in order to achieve a greater degree of financial inclusion.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Factors Associated With Electronic Banking Adoption

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Publisher
Springer Publishing
Copyright
© 2020 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/JFCP-18-00079
Publisher site
See Article on Publisher Site

Abstract

<p>Using data from the 2016 Survey of Consumer Finances, this study investigates factors that affect electronic banking adoption rates. Financial knowledge, income, education, and credit card ownership are associated with a high probability of electronic banking adoption. However, age is negatively associated with the probability of online banking adoption and the African American consumer is less likely to adopt electronic banking. This result is more prominent for African American women but does not hold for African American business owners. Financial counselors, planners, and educators should be aware and sensitive to these differences in order to provide additional education as needed on how to effectively use electronic banking services in order to achieve a greater degree of financial inclusion.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jun 24, 2020

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