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Why Households Don’t Have Checking Accounts


  • Jeanne M. Hogarth
  • Chris E. Anguelov
  • Jinkook Lee


Using the Surveys of Consumer Finances from 1992 to 1998, this article explores the reasons for not having a checking account, including product design, human capital, motivation for having a checking account, and institutional factors. Focusing primarily on reasons related to product design, we found that smaller family units, unemployed people, those with shorter planning horizons, older people, families with higher levels of education, those who have some other bank account, and those with better credit histories were more likely to give reasons related to product design than were their counterparts. Reasons for not having an account have changed over time, shifting away from product design factors toward other reasons. We suggest potential responses for firms, community educators, and policy makers.

Suggested Citation

  • Jeanne M. Hogarth & Chris E. Anguelov & Jinkook Lee, 2003. "Why Households Don’t Have Checking Accounts," Economic Development Quarterly, , vol. 17(1), pages 75-94, February.
  • Handle: RePEc:sae:ecdequ:v:17:y:2003:i:1:p:75-94

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    Cited by:

    1. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-417, May.
    2. Craig Gundersen & David R. Just & Katie Fitzpatrick, 2017. "Bank Accounts, Nonbank Financial Transaction Products, and Food Insecurity among Households with Children," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(3), pages 631-658, November.
    3. Kevin X.D. Huang & Frank Caliendo, 2007. "Rationalizing Seven Consumption-Saving Puzzles in a Unified Framework," Vanderbilt University Department of Economics Working Papers 0716, Vanderbilt University Department of Economics.

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