Ownership of a bank account and health of older Hispanics.
We study health effects of financial inclusion, particularly ownership of a checking account of older minorities, with focus on Hispanics. Using data from the Health and Retirement Study from 2000 to 2012, we find that, for Hispanics, being banked has a positive effect on mental health but is not associated with effects on physical health. Mental health benefits are likely to be larger for those who face greater hurdles to access formal financial institutions. Hispanics in less well-off neighborhoods and with below-median wealth appear to experience the greatest mental-health benefits associated with ownership of a checking account.
USC, Sol Price School of Public Policy, 650 Childs Way, Los Angeles, CA 90089, USA;
Emma
E
Aguila
USC, Center for Economic and Social Research, 635 Downey Way, Los Angeles, CA 90089-3332, USA;
Marco
M
Angrisani
Pepperdine University, School of Public Policy, 24255 Pacific Coast Highway, Malibu, CA 90263, USA;
Luisa R
LR
Blanco
Hispanics; Older population; financial inclusion; health disparities; unbanked
N Engl J Med. 2001 Jul 12;345(2):99-106
11450679
J Health Econ. 2008 Sep;27(5):1312-25
18513809
Q J Econ. 2012 Aug;127(3):1057-1106
23293397