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Does Race Matter for the Bank Account Ownership of Young People?
Short Abstract
The present study examines predictors of bank account ownership of individuals as adolescents and young adults using data from the Panel Study of Income Dynamics Child Development Supplement and Transition into Adulthood. Black children were significantly lacking in bank account ownership which could impede getting benefits of participating in financial markets. Having a bank account as a child was significantly associated with bank account ownership in young adulthood. The association of family income/asset ownership and childhood bank account ownership was significantly different for White compared to other races. Young adults’ characteristics such as financial independence, employment status, and education level were significant and showed greater association with bank account ownership than socialization factors. The paper concludes with implications and directions for future research.