Preventive Policy Strategy for Banking the Unbanked: Savings Accounts for Teenagers?

Concern over percentages of unbanked and underbanked households in the United States and their lack of connectedness to the financial mainstream has led to policy strategies geared toward reaching these households. Using nationally-representative longitudinal data, a preventive strategy for banking...

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Bibliographic Details
Published in:Journal of poverty 2016-01, Vol.20 (1), p.2-33
Main Authors: Friedline, Terri, Despard, Mathieu, Chowa, Gina A. N.
Format: Article
Language:English
Subjects:
Adolescents
Banking
financial assets
Households
Multiculturalism & pluralism
savings
Survey of Income and Program Participation (SIPP)
teenagers
unbanked
Young adults
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Summary:Concern over percentages of unbanked and underbanked households in the United States and their lack of connectedness to the financial mainstream has led to policy strategies geared toward reaching these households. Using nationally-representative longitudinal data, a preventive strategy for banking households is tested that asks whether young adults are more likely to be banked and own a diversity of financial assets when they are connected to the financial mainstream as teenagers. Young adults are more likely to own checking accounts, savings accounts, certificates of deposit, and stocks when they had savings accounts as teenagers. Policy implications are discussed.
ISSN:1087-5549
1540-7608
DOI:10.1080/10875549.2015.1015068