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Factors Contributing to Financial Well-Being among Black and Hispanic Women

Robert Clark, Annamaria Lusardi, Olivia S. Mitchell and Hallie Davis
The Journal of Retirement Summer 2021, jor.2021.1.088; DOI: https://doi.org/10.3905/jor.2021.1.088
Robert Clark
is a professor of economics at the Poole College of Management at North Carolina State University in Raleigh, NC
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Annamaria Lusardi
is a university professor of economics and accountancy, at the George Washington University and Academic Director of the Global Financial Literacy Excellence Center (GFLEC) in Washington, DC
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Olivia S. Mitchell
is a professor of business economics and public policy at the Wharton School of the University of Pennsylvania in Philadelphia, PA
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Hallie Davis
is a senior research associate at the George Washington University School of Business in Washington, DC
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Abstract

This article provides an in-depth examination of the financial well-being of Black and Hispanic women and the factors contributing to that well-being, using the 2018 survey wave of the National Financial Capability Study. The article documents meaningful differences between Black and Hispanic women versus White women; the former are more likely to face economic challenges that depress financial well-being. Controlling for differences in sociodemographic characteristics, important dissimilarities distinguish the factors that contribute to financial well-being for Black and Hispanic women compared to White women—including the distinct impacts of education, family structure, employment, and financial literacy. The results imply that extant financial education programs inadequately address the needs of Black and Hispanic women.

TOPICS: Wealth management, legal/regulatory/public policy

Key Findings

  • ▪ We explore the factors shaping financial well-being with a special focus on Black and Hispanic women between the ages of 22 and 60, in the 2018 National Financial Capability Study.

  • ▪ Differences in demographic factors contribute to FWB across race and ethnicity, including education, family structure, employment, and financial literacy, provide insight into why subjective FWB scores do not appear to differ across race and ethnicity, despite objective measures, such as borrowing behavior, indicating strong differences.

  • ▪ Our findings lead us to conclude that a “one size fits all” approach is unlikely to address differences in financial well-being across the board and, in particular across sub-groups of women.

  • © 2021 Pageant Media Ltd
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The Journal of Retirement: 9 (4)
The Journal of Retirement
Vol. 9, Issue 4
Race, Gender, and Retirement 2022
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Factors Contributing to Financial Well-Being among Black and Hispanic Women
Robert Clark, Annamaria Lusardi, Olivia S. Mitchell, Hallie Davis
The Journal of Retirement Jun 2021, jor.2021.1.088; DOI: 10.3905/jor.2021.1.088

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Factors Contributing to Financial Well-Being among Black and Hispanic Women
Robert Clark, Annamaria Lusardi, Olivia S. Mitchell, Hallie Davis
The Journal of Retirement Jun 2021, jor.2021.1.088; DOI: 10.3905/jor.2021.1.088
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  • Article
    • Abstract
    • MEASURES OF FINANCIAL WELL-BEING
    • THE DATASET ANALYZED
    • EMPIRICAL FINDINGS: UNIVARIATE RESULTS
    • EMPIRICAL FINDINGS: MULTIVARIATE RESULTS
    • CONCLUSIONS AND DISCUSSION
    • ACKNOWLEDGMENT
    • APPENDIX
    • ENDNOTES
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