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Thursday, May 21 • 11:00am - 12:30pm
E2c Racial/Ethnic Differences in Consumer Financial Capability: The Role of Financial Education and Financial Anxiety

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This study was to examine racial/ethnic differences in consumer financial capability. Extended from previous studies on financial capability, we focused on the role of financial education and financial anxiety as well as other factors explaining the racial/ethnic gaps. Using newly added variables regarding financial education and financial anxiety to the 2018 National Financial Capability Study, we analyzed associations between a set of factors (including financial education and financial anxiety) and financial capability. This study contributes to the existing literature in twofold: First, we identified contributing factors to financial capability gaps, which were understudied in previous research. Second, we considered two factors, financial education and financial anxiety, in explaining the gaps. The results of this study provide insights into the racial/ethnic disparities in financial capability that have implications for consumer policies, education, and research.

Author(s): Kyoung Tae Kim, Jing Jian Xiao

avatar for Kyoung Tae (KT) Kim

Kyoung Tae (KT) Kim

Assistant Professor, University of Alabama

Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 2