IDEAS home Printed from https://ideas.repec.org/a/bla/jconsa/v52y2018i2p317-348.html
   My bibliography  Save this article

Use of Bank and Nonbank Financial Services: Financial Decision Making by Immigrants and Native Born

Author

Listed:
  • Joyce M. Northwood
  • Sherrie L.W. Rhine

Abstract

This study examines the joint decisions made by immigrant and native‐born families about whether or not to have a bank account and to use nonbank financial services (NBFS). Immigrant families, especially those from Mexico or other Latin American countries, have a higher probability of using NBFS than native‐born families, regardless of their banking status. Residing in concentrated ethnic enclaves or being a US citizen, however, lowers the probability of using these services. Similarly, native‐born Black and Hispanic families are more likely to use these services than native‐born White families. Our findings support continued efforts to encourage mainstream participation among immigrant and minority native‐born families. Having access to mainstream financial services can help these families establish financial stability and economic mobility. To our knowledge, this is the first comprehensive study of immigrant families' joint decision making about using NBFS and bank account ownership.

Suggested Citation

  • Joyce M. Northwood & Sherrie L.W. Rhine, 2018. "Use of Bank and Nonbank Financial Services: Financial Decision Making by Immigrants and Native Born," Journal of Consumer Affairs, Wiley Blackwell, vol. 52(2), pages 317-348, July.
    • Handle: RePEc:bla:jconsa:v:52:y:2018:i:2:p:317-348
    DOI: 10.1111/joca.12150
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joca.12150
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joca.12150?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maude Toussaint‐Comeau, 2021. "Liquidity constraints and debts: Implications for the saving behavior of the middle class," Contemporary Economic Policy, Western Economic Association International, vol. 39(3), pages 479-493, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jconsa:v:52:y:2018:i:2:p:317-348. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-0078 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.