All sessions will take place in Central Daylight Time!

  • Poster presentations are available to view from May 18 through May 23 via ACCI’s (unlisted) YouTube Channel Poster Playlist sent out with the Zoom meeting room links to all attendees.
  • Poster are listed in this schedule on the last day at 6 PM so they appear at the end. Please scroll to the end to find the poster numbers, titles, descriptions, and presenters.

Be sure to live Tweet during the event! #accivirtual2020  and visit our Facebook page for photos @americancouncilonconsumerinterests.
Back To Schedule
Thursday, May 21 • 2:45pm - 4:15pm
F2c The Influence of Financial Well-Being on the Use of Alternative Financial Services

Sign up or log in to save this to your schedule, view media, leave feedback and see who's attending!

Feedback form is now closed.
The reasons behind the use of Alternative Financial Service (AFS) were analyzed by several papers in the literature. Financial exclusions, a lack of understanding of the real cost of the services, privacy issues, and, more recently, the aftermaths of the Great Recession represented possible explanation for the use of AFS. The aim of this paper is to test how financial well-being, defined by the CFPB as "a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life", can help to understand what makes people use AFS. Using data of the National Financial Well-Being Survey (NFWBS) released by the CFPB in 2017, the study tests the hypothesis that people with a low financial well-being are more prone to use AFS than others. Alternative explanations related to a lack of financial literacy, material hardship status, and the lack of access to the financial mainstream are taken into account too. Preliminary results support the hypothesis that people with a critical financial well-being score are more prone to consider the use of AFS. However the small size effect requires additional investigation.

Author(s): Brenda Cude, Gianni Nicolini

avatar for Gianni Nicolini

Gianni Nicolini

Associate Professor, University of Rome Tor Vergata

Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2