Urban Aboriginal use of fringe financial institutions: Survey evidence from Prince George, British Columbia
AbstractThis paper analyses the use of fringe financial institutions (FFIs), such as payday loan and check cashing providers, by urban Aboriginal people based on a survey undertaken in Prince George, British Columbia. We found that 60% of FFIs’ clients surveyed self-identified as Aboriginal. Their characteristics, compared to the non-Aboriginal FFI clients, included having lower average incomes, lower levels of education, more likely to be female, a higher incidence of being unemployed, higher levels of financial exclusion, and less satisfaction with the service provided by FFIs. We find that government policy towards regulating the FFI industry is inadequate for meeting the basic financial needs of urban Aboriginal people.
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Bibliographic InfoArticle provided by Elsevier in its journal The Journal of Socio-Economics.
Volume (Year): 40 (2011)
Issue (Month): 6 ()
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Web page: http://www.elsevier.com/locate/inca/620175
Payday loans; Fringe banking; Financial exclusion; Urban Aboriginal;
Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, and Immigrants; Non-labor Discrimination
- R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael A. Stegman, 2007. "Payday Lending," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 169-190, Winter.
- Simpson, Wayne & Buckland, Jerry, 2009. "Examining evidence of financial and credit exclusion in Canada from 1999 to 2005," The Journal of Socio-Economics, Elsevier, vol. 38(6), pages 966-976, December.
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