Financial Literacy and Alternative Borrowing

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

Major Area of Focus

Secondary area of focus

Short Abstract

The negative consequences of financial illiteracy can be severe for both individuals and society.The purpose of our research was to study whether the knowledge of basic financial concepts and perceived financial literacy played a role in alternative borrowing among respondents in the 2009 state-by-state survey of the National Financial Capability Study. Alternative borrowing was measured by use of payday loans, car title loans, or a rapid tax refund loans. A basic financial literacy score was computed and perceived financial knowledge was self-reported. The impact of debt counseling was also investigated. Typical borrower-related characteristics as well as credit scores and economic hardships such as spending more than income, difficulty in paying monthly bills, and income shock were investigated. The results will inform educators, counselors, and policy makers in their financial literacy efforts.

Corresponding Author

2013 Conference

April 10–12, 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.