Who Uses Alternative Financial Services? A Latent Class Analysis of Consumer Financial Knowledge and Behavior

References

• Barr, M. S., Dokko, J., & Feit, E. (2011). Preferences for banking and payment services among low-and moderate-income households. Washington, DC: Federal Reserve Board.
   Google Scholar
• Barr, M. S., Dokko, J., & Keys, B. (2009). And banking for all? Finance and economics discussion series, divisions of research and statistics and monetary affairs. Washington, DC: Federal Reserve Board.
   Google Scholar
• Bostic, R., & Lee, K. (2009). Homeownership: American dream? In R. M. Blank & M. Barr (Eds.), Insufficient funds (pp. 218–256). New York, NY: Russell Sage Foundation.
   Google Scholar
• Bradley, C., Burhouse, S., Gratton, H., & Miller, R.-A. (2009). Alternative financial services: A primer. FDIC Quarterly, 3(1), 39–47.
   Google Scholar
• Brevoort, K. P., Grimm, P., & Kambara, M. (2015). Data point: Credit invisibles. Washington, DC: Consumer Financial Protection Bureau.
   Google Scholar
• Center for Financial Services Innovation. (2014). 2013 financially underserved market size. Washington, DC: Author.
   Google Scholar
• Center for Financial Services Innovation & Hudson Institute. (2013). Double duty: Payments cards as a doorway to greater financial health. Chicago, IL: Author.
   Google Scholar
• Chan, P. (2011). Beyond barriers: Designing attractive savings account for lower-income consumers. Washington, DC: New American Foundation.
   Google Scholar
• Cochran, K. (2014, May 23). Payday loans. Washington, DC: Consumer Financial Protection Bureau. Retrieved from http://www.consumerfinance.gov/blog/category/payday-loans/
   Google Scholar
• Consumer Financial Protection Bureau. (2012a). Fair debt collection practices act (p. 44). Washington, DC: Author.
   Google Scholar
• Consumer Financial Protection Bureau. (2012b). Key dimensions and process in the U.S. credit reporting system. Washington, DC: Author.
   Google Scholar
• Consumer Financial Protection Bureau. (2013). CFPB bulletin warns employers against exclusive use of payroll cards. Washington, DC: Author.
   Google Scholar
• Consumer Financial Protection Bureau. (2014, November 13). CFPB proposes strong federal protections for prepaid products. Washington, DC: Author.
   Google Scholar
• Consumer Financial Protection Bureau. (2015). Financial well-being: The goal of financial education. Washington, DC: Author.
   Google Scholar
• Cummings, R. E. (2015). Cummings and Warren host “Middle Class Prosperity Project” forum in Baltimore on predatory financial services. Washington, DC: Committee on Oversight and Government Reform.
   Google Scholar
• Federal Deposit Insurance Corporation. (2012). 2011 FDIC national survey of unbanked and underbanked households. Washington, DC: Author.
   Google Scholar
• Federal Deposit Insurance Corporation. (2014). 2013 FDIC survey of unbanked and underbanked households. Washington, DC: Author.
   Google Scholar
• Fernandez, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, Financial education and downstream financial behaviors. Management Science, 60(8), 1861–1883.
   Web of Science ®Google Scholar
• FINRA Investor Education Foundation. (2013). Financial capability in the United States. Washington, DC: Author.
   Google Scholar
• Gjertson, L. (2014). Emergency saving and household hardship. Journal of Family and Economic Issues, 1–17. doi: 10.1007/s10834-014-9434-z
   Google Scholar
• Goldstein, D. (2015, May 11). How Dodd-Frank affects checking accounts. San Francisco, CA: Nerdwallet. Retrieved from http://www.nerdwallet.com/about-us/?trk=nw_gn_2.0
   Google Scholar
• Greer, J., & Levin, E. (2014). Alternative data helps families build credit and wealth. Washington, DC: CFED.
   Google Scholar
• Grinstein-Weiss, M. (2015). Statement of Michal Grinstein-Weiss, Associate Professor, George Warren Brown School of Social Work, Washington University in St. Louis, Associate Director, Center for Social Development, Nonresident Senior Fellow, Brookings Institution before the Special Committee on Aging United States Senate Washington, DC, United States Senate.
   Google Scholar
• Gross, M. B., Hogarth, J. M., Manohar, A., & Gallegos, S. (2012). Who uses alternative financial services, and why? Consumer Interests Annual, 58.
   Google Scholar
• Gutman, A., Garon, T., Hogarth, J., & Schneider, R. (2015). Understanding and improving consumer financial health in America. Washington, DC: CFSI Innovation.
   Google Scholar
• Khan, M. N., & Rothwell, D. (2015). Perceived financial capability, financial knowledge and financial behaviors of Canadian low-income households. New Orleans, LA: Paper presented at the Society for Social Work Research.
   Google Scholar
• Lusardi, A. (2008). Household saving behavior: The role of financial literacy, information, and financial education programs. Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Morduch, J. (2013). Spikes and dips: How income uncertainty affect households. Washington, DC: US Financial Diaries.
   Google Scholar
• Munoz, A. P., Kim, M., Chang, M., Jackson, R. O., Hamilton, D., & Darity, W. A. (2015). The color of wealth in Boston. Boston, MA: Federal Reserve Bank of Boston, Duke University, The New School.
   Google Scholar
• Muthén, L. K., & Muthén, B. O. (2012). Mplus Software Version 7.11 and Mplus User's Guide. Los Angeles, CA: Author.
   Google Scholar
• National Institute on Retirement Security. (2012). The retirement savings crisis: Is it worse than we think?, Washington, DC: Author. Retrieved from http://www.nirsonline.org/index.php?
   Google Scholar
• Office of the Inspector General United States Postal Service. (2014). Providing non-bank financial services for the underserved. Washington, DC: Author.
   Google Scholar
• Pew Charitable Trusts. (2014). Consumers continue to load up on prepaid cards. Philadelphia, PA: Author. Retrieved from http://www.pewtrusts.org/en/research-and-analysis/reports/2014/02/06/consumers-continue-to-load-up-on-prepaid-cards
   Google Scholar
• Robb, C. A., Barbiarz, P., Woodyard, A., & Seay, M. C. (2015). Bounded rationality and use of alternative financial services. Journal of Consumer Affairs, 49(2), 407–435. doi:10.1111/joca.12071
   Web of Science ®Google Scholar
• Romich, J., Gordon, S., & Waithaka, E. (2009). A tool for getting by or getting ahead? Consumers' views on prepaid cards Policy Brief 9. Terre Haute, IN: Indiana State University, Networks Financial Institute.
   Google Scholar
• Seay, M. C., & Robb, C. A. (2013). The effect of objective and subjective financial knowledge on high-cost borrowing behavior. Financial Planning Review, 6(4), 1–19.
   Google Scholar
• Servon, L. (2014, October 29). Are banks too expensive to use? The New York Times. Retrieved from http://www.nytimes.com/2014/10/30/opinion/are-banks-too-expensive-to-use.html?_r=0.
   Google Scholar
• Stearns, J. M., Borna, S., & White, G. B. (2006). The ethics of refund anticipation loan consumer information: An exploratory study. Business & Society Review, 111(16).
   Google Scholar
• Stoez, D. (2014). The consolidation of the secondary financial services market. Journal of Sociology & Social Welfare, 41(3), 115–132.
   Google Scholar
• Theodos, B., Brash, R., Compton, J.,  K.,  M., Pindus, N., & Steurele, C. E. (2010). Characteristics of users of refund anticipation loans and refund anticipation checks. Washington, DC: U.S. Department of the Treasury.
   Google Scholar
• Turbeville, W. C. (2015). Financialization and equal opportunity. Washington, DC: Demos.
   Google Scholar
• Urban, C., Schmeiser, M. D., Collins, J. M., & Brown, A. (2015). State financial education mandates: It's all in the implementation. Washington, DC: FINRA Investor Education Foundation.
   Google Scholar
• U.S. Department of the Treasury. (2011). Banking on opportunity: A scan of the evolving field of bank on initiatives. National League of Cities Institute for Youth, Education and Families.
   Google Scholar
• Wiedrich, K., Collins, J. M., Rosen, L., & Rademacher, I. (2014). Financial education and account access among elementary students. Washington, DC: CFED.
   Google Scholar
• Xaio, J. J., & O'Neill, B. (2014). Financial education and financial capability. Paper presented at the Association for Financial Counseling Planning and Education Annal Research and Training Symposium, Bellevue, WA.
   Google Scholar