Exploratory Factor Analysis of Financial Services and Products Indicators: The Dimensionality of Financial Access

Yingying Zhang, Julie Birkenmaier and Jin Huang

Journal of Consumer Affairs, 2025, vol. 59, issue 2

Abstract: This study explores the underlying dimensions of mainstream financial services and products commonly used to measure consumer financial access, whose psychometric properties remain underexplored. Based on 2023 data collected online from a national sample of 1085 respondents, Exploratory Factor Analysis (EFA) was conducted to identify the latent structure of the financial access measure. The analysis identified three distinct factors, accounting for 41% of the total variance: (1) Basic banking services (checking and savings accounts); (2) Advanced financial services (retirement accounts, Certificate of Deposits, investments, disability insurance, life insurance, bank loan, line of credit, financial counseling/coaching, and credit score); and (3) Mobile/online banking services (mobile banking, transfer applications, and debit cards). These findings underscore the academic and practical significance of evaluating financial access using a comprehensive set of financial products and services across these three categories. The results offer a validated framework for improving financial access measurement and informing inclusive financial policies.

Date: 2025
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