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Intersectionality and Financial Inclusion in the United States

Author

Listed:
  • Vicki L. Bogan
  • Sarah E. Wolfolds

Abstract

Recent estimates indicate approximately 8.4 million US households are unbanked with an additional 24.2 million US households classified as underbanked. We focus on intersectionality, specifically the intersection of race and gender, to better understand the probability of being unbanked and underbanked in the US. Additionally, we look at drivers of this financial exclusion. We find Black women are significantly more likely than Black men or any other group to be unbanked or to be underbanked. Further, we find limited wealth is more frequently cited by Black women as the main reason why they do not engage with the banking system.

Suggested Citation

  • Vicki L. Bogan & Sarah E. Wolfolds, 2022. "Intersectionality and Financial Inclusion in the United States," AEA Papers and Proceedings, American Economic Association, vol. 112, pages 43-47, May.
    • Handle: RePEc:aea:apandp:v:112:y:2022:p:43-47
    DOI: 10.1257/pandp.20221016
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    Citations

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    Cited by:

    1. Hayashi, Fumiko & Routh, Aditi & Toh, Ying Lei, 2024. "Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?," Journal of Economics and Business, Elsevier, vol. 129(C).
    2. Broader, Jacquelyn, 2024. "Tapping In: Leveraging Open-Loop Fare Payments to Increase Financial Inclusion," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt88v9c0wm, Institute of Transportation Studies, UC Berkeley.

    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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