Skip to main content
logo

2020 Conference

May 18–20, 2020

Proposal authors can use this tool to see where they have been placed in the agenda for a Symposium, an Oral Session, or a Featured Research Session Poster.

Scroll down to search by Authors (Person)*, Date/Time, and Keywords. Rooms have not been assigned yet, so the locations are just generic place holders. *Note: If the submitting author did not add all the authors to the ProposalSpace form, only the First & Corresponding Author will be searchable.

Confirm your place in the schedule by going to the ACCI Presenter Confirm Google Sheet and marking your session YES. Contact the ACCI Office right away if you have questions. Please be sure to reference the session title(s), date(s) and time(s) if you contact us.


F2c The Influence of Financial Well-Being on the Use of Alternative Financial Services

Thursday, May 21, 2020 at 2:45 PM–4:15 PM CDT
Room 2
Key Words

Financial Well-being, Alternative Financial Services, Financial Literacy

Short Description

The reasons behind the use of Alternative Financial Service (AFS) were analyzed by several papers in the literature. Financial exclusions, a lack of understanding of the real cost of the services, privacy issues, and, more recently, the aftermaths of the Great Recession represented possible explanation for the use of AFS. The aim of this paper is to test how financial well-being, defined by the CFPB as "a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life", can help to understand what makes people use AFS. Using data of the National Financial Well-Being Survey (NFWBS) released by the CFPB in 2017, the study tests the hypothesis that people with a low financial well-being are more prone to use AFS than others. Alternative explanations related to a lack of financial literacy, material hardship status, and the lack of access to the financial mainstream are taken into account too. Preliminary results support the hypothesis that people with a critical financial well-being score are more prone to consider the use of AFS. However the small size effect requires additional investigation.

First & Corresponding Author

Brenda Cude, University of Georgia
Authors in the order to be printed

Brenda Cude, Gianni Nicolini

Additional Authors

Gianni Nicolini, University of Rome Tor Vergata
Loading…