2008/05/21 by Jerry Buckland, Xiao‐yuan Dong, Xiao-Yuan Dong
Business, Management and Accounting · Economics, Econometrics and Finance · #Financial Literacy, Pension, Retirement Analysis #Housing Market and Economics #Microfinance and Financial Inclusion
paper · doi:10.1177/0891242408318738
This article analyzes the socioeconomic characteristics of the financially excluded in Canada using the 1999 Statistics Canada Survey of Financial Security and two surveys sponsored by the Financial Consumer Agency of Canada in 2001 and 2005. The authors find that financial exclusion is more concentrated among low-income Canadians; low-income, low-level of assets, and single-parent statuses are correlated with being unbanked. A review of banking preferences of low-income people indicates that economically disadvantaged households are more concerned about convenience and not as interested in new banking technologies.