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Ownership of a bank account and health of older Hispanics

Author

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  • Aguila, Emma
  • Angrisani, Marco
  • Blanco, Luisa R.

Abstract

We study health effects of financial inclusion, particularly ownership of a bank account of older minorities, with focus on Hispanics. Using data from the Health and Retirement Study from 2000 to 2012, we find that, for Hispanics, being banked has a positive effect on mental health but is not associated with effects on physical health. Mental health benefits are likely to be larger for those who face greater hurdles to access formal financial institutions. Hispanics in less well-off neighborhoods and with below-median wealth appear to experience the greatest mental-health benefits associated with ownership of a bank account.

Suggested Citation

  • Aguila, Emma & Angrisani, Marco & Blanco, Luisa R., 2016. "Ownership of a bank account and health of older Hispanics," Economics Letters, Elsevier, vol. 144(C), pages 41-44.
  • Handle: RePEc:eee:ecolet:v:144:y:2016:i:c:p:41-44
    DOI: 10.1016/j.econlet.2016.04.013
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    References listed on IDEAS

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    1. Michaud, Pierre-Carl & van Soest, Arthur, 2008. "Health and wealth of elderly couples: Causality tests using dynamic panel data models," Journal of Health Economics, Elsevier, vol. 27(5), pages 1312-1325, September.
    2. Luisa R. Blanco & Marco Angrisani & Emma Aguila & Mei Leng, 2019. "Understanding the Racial/Ethnic Gap in Bank Account Ownership among Older Adults," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(2), pages 324-354, June.
    3. Amy Finkelstein & Sarah Taubman & Bill Wright & Mira Bernstein & Jonathan Gruber & Joseph P. Newhouse & Heidi Allen & Katherine Baicker, 2012. "The Oregon Health Insurance Experiment: Evidence from the First Year," The Quarterly Journal of Economics, Oxford University Press, vol. 127(3), pages 1057-1106.
    4. Santiago Carbó & Edward P. M. Gardener & Philip Molyneux, 2005. "Financial Exclusion," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-0-230-50874-3, December.
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    Cited by:

    1. Ozili, Peterson K, 2020. "Social inclusion and financial inclusion: international evidence," MPRA Paper 101811, University Library of Munich, Germany.

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    More about this item

    Keywords

    Financial inclusion; Unbanked; Health disparities; Hispanics; Older population;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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