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. 2016 Jul:144:41-44.
doi: 10.1016/j.econlet.2016.04.013. Epub 2016 Apr 19.

Ownership of a bank account and health of older Hispanics

Emma Aguila  1 , Marco Angrisani  2 , Luisa R Blanco  3
Affiliations

Ownership of a bank account and health of older Hispanics

Emma Aguila et al. Econ Lett. 2016 Jul.

Abstract

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.

Keywords: Hispanics; Older population; financial inclusion; health disparities; unbanked.

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