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WITHDRAWN The Effect of Job Loss on Bank Account Ownership
Key Words
Job loss, unemployment, unbanked, bank account ownership, Current Population Survey
Short Description
We estimate the effect of job loss on households’ bank account ownership using novel data – the FDIC Surveys of Household Use of Banking and Financial Services (BFS) administered biennially in June between 2011 and 2019, linked to information on the dynamics of respondents’ labor force participation in surrounding months constructed from the Basic Monthly Current Population Survey (CPS). We leverage differences in the timing of unemployment spells across respondents to plausibly identify the effect of job loss. Our results indicate the effects of job loss are quite large in magnitude. For example, households that experienced a job loss in the months leading up to the June BFS are about 18 percentage points more likely to be “unbanked” than households that lost a job in the subsequent year. This effect is roughly three-quarters of the sample mean unbanked rate among the lower-income renter households that we study. We find that job loss also leads to increased use of other transaction products and services that might substitute for a bank account, including prepaid cards, check cashing, and money orders.