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F2a Is Ignorance Bliss? Use of Alternative Financial Services and Financial Anxiety
Key Words
Alternative Financial Services, Financial Anxiety, Financial Literacy
Short Description
This study examined various factors associated with the level of financial anxiety using the 2018 National Financial Capability Study (NFCS) dataset. Especially, we focused on the association between uses of alternative financial services (AFS) and financial anxiety. Five different types of AFS options such as auto title, payday loans, refund anticipation check, pawnshops, and rent-to-own stores were examined separately and combined. Further, we investigated the moderating role of financial literacy on the relation between different types of AFS use and financial anxiety. The interaction terms in the regression models revealed differential effect of financial literacy on financial anxiety based on the type of AFS. The results provide important insights to financial educators and policymakers interested in resolving financial anxiety of the US households.
First & Corresponding Author
Soo Hyun Cho, California State University, Long Beach
Authors in the order to be printed
Soo Hyun Cho, Kyoung Tae (KT) Kim