- Title
- Financial Inclusion Across the United States
- Author(s)
- Motohiro Yogo Motohiro Yogo (Princeton University and NBER)
- Andrew Whitten Andrew Whitten (U.S. Department of the Treasury)
- Natalie Cox Natalie Cox (Princeton University)
- Abstract
- We document new facts about bank and retirement account participation, based on the universe of U.S. households with a member aged 50 to 59 in administrative tax data. Financial participation is much higher than that reported in survey data, especially for low-income households. However, financial participation declines among low-income households from 2008 to 2018. Geographic variation in financial participation relates to income rather than racial composition or access to financial services. Based on instrumental variables, we estimate a large impact of access to employer retirement plans on retirement account participation for low- and middle-income households.
- Creation Date
- 2021-12
- Section URL ID
- Paper Number
- 2021-28
- URL
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3934498
- File Function
- Jel
- D14, G51
- Keyword(s)
- Financial participation, Household finance, Inequality, Racial disparities, Tax policy
- Suppress
- false
- Series
- 13