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