IDEAS home Printed from https://ideas.repec.org/a/fip/fedpca/0045.html
   My bibliography  Save this article

Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing

Author

Listed:
  • Marvin M. Smith

Abstract

Two topics have gained widespread attention in recent years. One is the rapid growth of high-cost borrowing offered by the alternative financial services (AFS) industry, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own stores. The other topic is the efficacy of financial literacy on improving the overall financial well-being of individuals. A study by Annamaria Lusardi and Carlo de Bassa Scheresberg explores the characteristics of those who use high-cost borrowing and the influence of financial literacy on their borrowing behavior.1 The following is a summary of their paper.

Suggested Citation

  • Marvin M. Smith, 2015. "Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing," Cascade, Federal Reserve Bank of Philadelphia, vol. 2, April.
    • Handle: RePEc:fip:fedpca:0045
    as

    Download full text from publisher

    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/community-development/articles/cascade/87/cascade_no-87.pdf
    Download Restriction: no
    ---><---

    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:fip:fedpca:0045. 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: Becca Sells (email available below). General contact details of provider: https://edirc.repec.org/data/frbphus.html .

    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.