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Urban Aboriginal use of fringe financial institutions: Survey evidence from Prince George, British Columbia

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Author Info

  • Bowles, Paul
  • Ajit, D.
  • Dempsey, Keely
  • Shaw, Trevor

Abstract

This 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 Info

Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

Volume (Year): 40 (2011)
Issue (Month): 6 ()
Pages: 895-902

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Handle: RePEc:eee:soceco:v:40:y:2011:i:6:p:895-902

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Web page: http://www.elsevier.com/locate/inca/620175

Related research

Keywords: Payday loans; Fringe banking; Financial exclusion; Urban Aboriginal;

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  1. Michael A. Stegman, 2007. "Payday Lending," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 169-190, Winter.
  2. Simpson, Wayne & Buckland, Jerry, 2009. "Examining evidence of financial and credit exclusion in Canada from 1999 to 2005," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(6), pages 966-976, December.
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