Black-White differences in saving behaviors
DOI:
https://doi.org/10.61190/fsr.v19i1.4960Keywords:
Racial differences, Household savingAbstract
This study uses the 2007 Survey of Consumer Finances to empirically explore Black-White differences in saving behavior. The impact of the explanatory variables in the model is allowed to differ between Black and White households to understand Black-White differences in saving. The results indicate that Black-White differences in saving are explained by racial differences in the individual determinants of saving. not by race in and of itself. The individual variables that significantly differ for Black and White households in their effect on saving are receiving government assistance, feeling that credit use is bad, being turned down for credit in the past 5 years, and having a saving horizon of the next few years.
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