Financial Well-being among Black and Hispanic Women

Clark, Robert L.; Lusardi, Annamaria; Mitchell, Olivia S.; Davis, Hallie

doi:10.2139/ssrn.3792558

Cited by 3 publications

(7 citation statements)

References 11 publications

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“…This is similar to findings by race and ethnicity reported by Clark, Lusardi, and Mitchell (2021) and Clark, Lusardi, Mitchell, and Hasler (2021) using an alternative measure, the CFPB financial wellbeing score.…”

supporting

confidence: 89%

“…13 Interestingly, respondents whose parents had greater financial literacy also scored higher on the resilience index. 14 This is similar to findings by race and ethnicity reported by and Clark, Lusardi, Mitchell, and Hasler (2021) using an alternative measure, the CFPB financial wellbeing score. 15 A correlation matrix showing the correlation among the eight questions and the ability to pay for $2000 in unexpected expenses is shown in Appendix B.…”

Section: Orcidsupporting

confidence: 75%

“…One way to assess household financial resilience is to focus on respondents' subjective assessments of their financial status. For instance, Clark, Lusardi, and Mitchell (2021) and Clark, Lusardi, Mitchell, and Hasler (2021) used the financial wellbeing definition proposed by the Consumer Financial Protection Bureau (CFPB, 2015), asking people how they perceive their financial skills, behavior, and situations. Interestingly, that research concluded that the CFPB measure was correlated at only the 0.4–0.5 level with more conventional indicators of self‐assessed financial stress 6…”

Section: Prior Literaturementioning

confidence: 99%

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Americans' financial resilience during the pandemic

Clark

Mitchell

2022

Fin Plan Rev

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How household wellbeing responds to pandemic-induced financial shocks likely depends on whether people undertake certain actions that enhance their ability to withstand adverse economic events, along with their ability to efficiently respond to the shocks when they occur. This paper examines Americans' financial robustness during the Covid-19 pandemic, using an index of financial resilience and a measure of financial fragility derived from household surveys of persons age 45-75 in spring of 2020, and in May-June 2021. We estimate the factors associated with resilience and fragility in both years, show how these two measures changed a year into the pandemic, and consider whether resilience in 2020 led to better outcomes in 2021. We conclude that higher initial levels of resilience were, in fact, associated with lower levels of financial fragility a year into the pandemic. These findings suggest that policies and programs that enhance financial resilience can help low and moderate-income households withstand economic shocks and be able to better address unexpected income needs.

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supporting

confidence: 89%

Section: Orcidsupporting

confidence: 75%

Section: Prior Literaturementioning

confidence: 99%

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Americans' financial resilience during the pandemic

Clark

Mitchell

2022

Fin Plan Rev

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“…Financial literacy differs depending on the demographic profile of the person. Males have better financial awareness than females (Agarwalla et al, 2013;Bucher-Koenen et al, 2021;Clark et al, 2021;Guiso and Jappelli, 2005;Kadoya and Khan, 2020;Lusardi et al, 2010;Mustapha and Jeyaram, 2015;Volpe et al, 1996). Whereas Fatoki (2014) did not observe any relationship between gender and financial literacy.…”

Section: Review Of Literaturementioning

confidence: 99%

“…Empirically, it has been observed that people with lower financial literacy tend to make uninformed financial decisions, particularly in the wake of the financial crisis (Lusardi and Mitchell, 2014). Financially aware people are more likely to plan, save, invest in stocks and accumulate more wealth and manage loans better than those who are less financially savvy (Lusardi and Tufano, 2009, 2015; Clark et al ., 2021; Jerold, 2008; Hasting and Mitchell, 2020; Gilenko and Chernova, 2021). The role of financial literacy becomes more significant in the wake of complex financial products which leads to difficulty in decision-making for the common person (Hung et al ., 2011).…”

Section: Introductionmentioning

confidence: 99%

Financial literacy and its determinants among the schedule tribes: evidences from India

Singh

2023

IJSE

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PurposeDespite a lot of developments in the financial markets, financial illiteracy is a main concern across the world and is directly associated with faulty financial decisions making. The situation is very alarming among a socially or economically marginalized section of society as they cannot afford to pay finance professionals for their wealth management. The objective of the study is to understand the level of financial literacy as well as its determinants among the marginalized section of society living in hilly areas.Design/methodology/approachThe study is descriptive as well as empirical in design and based on primary data collected from the 300 scheduled tribe households of Himachal Pradesh a hilly state of India.FindingsThe study observed that financial literacy is very low among the scheduled tribes living, and their level of education, income, family system and Internet accessibility have a significant impact on their financial scores.Practical implicationsThe outcome of the paper may be useful to design customized awareness programs, and financial products focusing on scheduled tribes living in far-flung areas so that they can get the benefits of market-driven financial products.Social implicationsFinancial awareness can help scheduled tribes in their financial inclusion thereby reducing poverty and inequality through informed financial decisions. Thus, the outcome if implemented can help in achieving the objective of inclusive growth.Originality/valueNo specific work has been done to explore the level as well as the determinants of financial literacy among the scheduled tribe households living in hill areas. This paper will fill this gap and contributes to the existing work on financial literacy and inclusion.Peer reviewThe peer-review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2023-0008

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Gendered Poverty Perceptions: How Do Retired Women Fare?

Zeka¹

2022

Risks

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This paper examines the poverty perceptions of retired women by assessing the extent to which demographic characteristics, economic considerations, household adequacy levels and satisfaction measures influence perceptions of poverty. Based on data from a South African national survey, binomial logistic regression models were employed, whereby demographic characteristics (first level variables) were assessed relative to the respondents’ poverty perceptions. Thereafter, economic considerations (second level variables) were included in the model to draw more inferences on the conditions leading to poverty perceptions. Finally, respondents’ household adequacy levels and satisfaction measures (third level variables) were nested into the model for a complete investigation of the antecedents of poverty perceptions. Many of the retired women in this study perceive themselves to be impoverished or at risk of poverty. The results indicate that marital status and education levels have a significant influence on perceptions of poverty. Furthermore, the study found that monetary measures do not sufficiently explain the pathway leading to retirement poverty perceptions. Instead, perceptions of financial security and the satisfaction with one’s standard of living influence gendered poverty perceptions. This study advances our understanding of the conditions influencing the poverty perceptions of retired women. As most of the respondents in this sample rely on the government for financial support, this study provides pertinent suggestions to government agencies on the conditions associated with gendered poverty perceptions at retirement.

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Financial Well-being among Black and Hispanic Women

Cited by 3 publications

References 11 publications

Americans' financial resilience during the pandemic

Americans' financial resilience during the pandemic

Financial literacy and its determinants among the schedule tribes: evidences from India

Gendered Poverty Perceptions: How Do Retired Women Fare?

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