{"title":"Utilization of Alternative Financial Services and the Role of Financial Capability","authors":"Swarn Chatterjee, Yunhee Chang","doi":"10.1111/joca.12614","DOIUrl":null,"url":null,"abstract":"<p>This paper examines the factors associated with access to and frequency of use of alternative financial services (AFS) using a composite dataset comprising of geographic locations of AFS establishments and state payday policies merged with the geo-coded 2018 and 2021 pooled waves of the FINRA National Financial Capability Study. The results provide mixed evidence of the association between the density of AFS providers in an area and the use of AFS. Objective financial knowledge was negatively associated with both the likelihood and frequency of AFS use. Perceived Money Management Ability (PMMA) was also negatively associated with the use of AFS but not with the frequency of AFS use. Controlling for financial access and capability variables, Black consumers and low-income consumers were more likely to use AFS. The implications for policymakers, scholars, and researchers are discussed.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 1","pages":""},"PeriodicalIF":2.5000,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.12614","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Consumer Affairs","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/joca.12614","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper examines the factors associated with access to and frequency of use of alternative financial services (AFS) using a composite dataset comprising of geographic locations of AFS establishments and state payday policies merged with the geo-coded 2018 and 2021 pooled waves of the FINRA National Financial Capability Study. The results provide mixed evidence of the association between the density of AFS providers in an area and the use of AFS. Objective financial knowledge was negatively associated with both the likelihood and frequency of AFS use. Perceived Money Management Ability (PMMA) was also negatively associated with the use of AFS but not with the frequency of AFS use. Controlling for financial access and capability variables, Black consumers and low-income consumers were more likely to use AFS. The implications for policymakers, scholars, and researchers are discussed.
期刊介绍：
The ISI impact score of Journal of Consumer Affairs now places it among the leading business journals and one of the top handful of marketing- related publications. The immediacy index score, showing how swiftly the published studies are cited or applied in other publications, places JCA seventh of those same 77 journals. More importantly, in these difficult economic times, JCA is the leading journal whose focus for over four decades has been on the interests of consumers in the marketplace. With the journal"s origins in the consumer movement and consumer protection concerns, the focus for papers in terms of both research questions and implications must involve the consumer"s interest and topics must be addressed from the consumers point of view.
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