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Barriers to Banking: A Mixed‐Methods Investigation of Previously Incarcerated Individuals' Banking Perceptions and Financial Knowledge

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  • Katherine S. Mielitz
  • Joy Clady
  • Meghaan Lurtz
  • Kristy Archuleta

Abstract

Minimal research currently exists on the financial aspects, including financial knowledge and capability, that impact previously incarcerated individuals. However, the reality is that many currently and previously incarcerated individuals have never interacted with financial services and, if they have, they had limited exposure. The focus of the current research study was to examine previously incarcerated individuals' banking perceptions, banking behaviors, and financial knowledge by employing a mixed methodology using a sequential explanatory design. Across case analyses discovered three themes of (a) barriers to banking, (b) prudency of banking, and (c) confidence versus trepidation. The findings in this study provide implications for financial institutions and policymakers and suggested solutions are addressed.

Suggested Citation

  • Katherine S. Mielitz & Joy Clady & Meghaan Lurtz & Kristy Archuleta, 2019. "Barriers to Banking: A Mixed‐Methods Investigation of Previously Incarcerated Individuals' Banking Perceptions and Financial Knowledge," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(4), pages 1748-1774, December.
    • Handle: RePEc:bla:jconsa:v:53:y:2019:i:4:p:1748-1774
    DOI: 10.1111/joca.12260
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    Cited by:

    1. Abdul Aziz Khan Niazi & Suleman Aziz Lodhi & Abdul Basit & Tehmina Fiaz Qazi, 2020. "Tacit Knowledge Sharing Model For Banks: Remedial Measure Of Likelihood Of Default," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 9(1), pages 32-50, March.
    2. J. Michael Collins & Sarah Halpern-Meekin & Melody Harvey & Jill Hoiting, 2023. "“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 807-820, December.

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