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Moving from unbanked to banked: evidence from the Money Smart program

Angela Lyons () and Erik Scherpf

No 964, Proceedings from Federal Reserve Bank of Chicago

Abstract: Using data collected from participants of the FDIC?s Money Smart program, this study investigates the impact that financial education has on an individual?s decision to move from unbanked to banked. To date, most programs and initiatives that target the unbanked define program impact by the number of bank accounts opened. This study provides evidence that the best measure of program ?success? may not be the number of accounts opened, but instead whether the program has provided the unbanked with the skills and tools necessary to make sound financial decisions given their financial circumstances.

Keywords: Financial literacy; Unbanked (search for similar items in EconPapers)
Date: 2005
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Published in Proceedings of a conference held in Washington, DC. (2005 : April 7-8) : a Federal Reserve System Community Affairs Reseach Conference; Promises & Pitfalls: as Consumer Finance Options Multiply, Who Is Being Served and at What Cost?

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Handle: RePEc:fip:fedhpr:964