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B5c Understanding Racial Disparities in Financial Access: The Role of Financial Knowledge Among Low- and Moderate-Income Consumers
Short Description
Understanding Racial Disparities in Financial Access: The Role of Financial Knowledge Among Low- and Moderate-Income Consumers examines who is unbanked or underbanked and why, using nationally representative data from the 2021 National Financial Capability Study. We analyze financial access with multinomial logistic regression and a nonlinear Blinder–Oaxaca (Fairlie) decomposition to quantify how much of the Black–White and Hispanic–White gaps are explained by differences in education, employment, income shocks, household structure, and financial knowledge. Results show financial knowledge strongly predicts being fully banked. Moreover, for Hispanic consumers, most of the difference in banking access compared with White consumers can be explained by measurable things—especially financial knowledge. For Black consumers, a large gap remains even after we account for the same factors, which suggests system-level barriers (like fewer local branches, biased screening, or differential treatment) beyond individual characteristics.
Type of presentation
Accepted Oral Presentation