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Thursday, May 21 • 2:45pm - 4:15pm
F2a Is Ignorance Bliss? Use of Alternative Financial Services and Financial Anxiety

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This study examined various factors associated with the level of financial anxiety using the 2018 National Financial Capability Study (NFCS) dataset. Especially, we focused on the association between uses of alternative financial services (AFS) and financial anxiety. Five different types of AFS options such as auto title, payday loans, refund anticipation check, pawnshops, and rent-to-own stores were examined separately and combined. Further, we investigated the moderating role of financial literacy on the relation between different types of AFS use and financial anxiety. The interaction terms in the regression models revealed differential effect of financial literacy on financial anxiety based on the type of AFS. The results provide important insights to financial educators and policymakers interested in resolving financial anxiety of the US households.

Author(s): Soo Hyun Cho, Kyoung Tae (KT) Kim

avatar for Soo Hyun Cho

Soo Hyun Cho

Assistant Professor, California State University, Long Beach

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