Financial Inclusion Across the United States

Motohiro Yogo, Andrew Whitten and Natalie Cox
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Natalie Cox: Princeton University

Working Papers from Princeton University. Economics Department.

Abstract: We document new facts about bank and retirement account participation, based on the universe of U.S. households with a member aged 50 to 59 in administrative tax data. Financial participation is much higher than that reported in survey data, especially for low-income households. However, financial participation declines among low-income households from 2008 to 2018. Geographic variation in financial participation relates to income rather than racial composition or access to financial services. Based on instrumental variables, we estimate a large impact of access to employer retirement plans on retirement account participation for low- and middle-income households.

Keywords: Financial participation; Household finance; Inequality; Racial disparities; Tax policy (search for similar items in EconPapers)
JEL-codes: D14 G51 (search for similar items in EconPapers)
Date: 2021-12
New Economics Papers: this item is included in nep-age, nep-cwa and nep-fle
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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3934498

Related works:
Journal Article: Financial Inclusion Across the United States (2025)
Working Paper: Financial Inclusion Across the United States (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:pri:econom:2021-28

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