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Moving from unbanked to banked: evidence from the Money Smart program

Author

Listed:
  • Angela C. Lyons
  • Erik Scherpf

Abstract

Using data collected from participants of the FDIC?s Money Smart program, this study investigates the impact that financial education has on an individual?s decision to move from unbanked to banked. To date, most programs and initiatives that target the unbanked define program impact by the number of bank accounts opened. This study provides evidence that the best measure of program ?success? may not be the number of accounts opened, but instead whether the program has provided the unbanked with the skills and tools necessary to make sound financial decisions given their financial circumstances.

Suggested Citation

  • Angela C. Lyons & Erik Scherpf, 2005. "Moving from unbanked to banked: evidence from the Money Smart program," Proceedings 964, Federal Reserve Bank of Chicago.
    • Handle: RePEc:fip:fedhpr:964
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    Citations

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    Cited by:

    1. Christian Weller, 2010. "Have Differences in Credit Access Diminished in an Era of Financial Market Deregulation?," Review of Social Economy, Taylor & Francis Journals, vol. 68(1), pages 1-34.
    2. Shirley Chiu & Robin G. Newberger, 2006. "Islamic finance: meeting financial needs with faith based products," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 8-14.
    3. Yunhee Chang & Angela Lyons, 2007. "Are Financial Education Programs Meeting the Needs of Financially Disadvantaged Consumers?," NFI Working Papers 2007-WP-02, Indiana State University, Scott College of Business, Networks Financial Institute.
    4. Harry Pestine, 2006. "Landmark payday loan act in Illinois," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 23-24.
    5. Nancy E. Richman, 2006. "Sustainable rural development: the role of strategic visioning, MAPPING the future of your community program," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 20-22.
    6. Joshua Harriman & David Marzahl & Steve Neumann & O. S. Owen, 2006. "First accounts: a U.S. Treasury Department program to expand access to financial institutions," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 15-19.
    7. Christian Weller, 2009. "Credit Access, the Costs of Credit and Credit Market Discrimination," The Review of Black Political Economy, Springer;National Economic Association, vol. 36(1), pages 7-28, March.
    8. Desiree Hatcher, 2006. "Foreclosure alternatives: case for preserving homeownership," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 2-5.
    9. Allison Freeman & Jong-Gyu Paik & Michael A. Stegman, 2007. "The portfolios and wealth of low-income homeowners and renters: findings from an evaluation of Self-Help Ventures Fund’s Community Advantage Program," Community Development Working Paper 2007-02, Federal Reserve Bank of San Francisco.
    10. Lyons, Angela C. & Grable, John E. & Zeng, Ting, 2019. "Impacts of Financial Literacy on the Loan Decisions of Financially Excluded Households in the People's Republic of China," ADBI Working Papers 923, Asian Development Bank Institute.
    11. Andrea Levere, 2006. "CFED’s assets and opportunity scorecard highlights national inconsistencies in financial security," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 6-7.
    12. Jesse Leigh Maniff & W. Blake Marsh, 2017. "Banking on Distributed Ledger Technology: Can It Help Banks Address Financial Inclusion?," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 53-77.
    13. Andrew Carswell, 2009. "Does Housing Counseling Change Consumer Financial Behaviors? Evidence from Philadelphia," Journal of Family and Economic Issues, Springer, vol. 30(4), pages 339-356, December.

    More about this item

    Keywords

    Financial literacy; Unbanked;

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