Asset accumulation among low-income rural families: Assessing financial capital as a component of community capitals. Issue 2 (15th March 2018)

• Record Type: Journal Article
• Authors: Meikle, Paulette; Green-Pimentel, Leslie; Liew, Hui
• Is Part Of: Community development. Volume 49:Issue 2(2018)
• Page Start: 124
• Page End: 144
• Publication Date: 2018-03-15
• Subjects: Asset accumulation -- community progress -- financial capital -- gender -- rural families; Community development -- Periodicals; 307.1405
• DOI: 10.1080/15575330.2017.1422529
• Languages: English
• ISSNs: 1557-5330

Abstract

Abstract: Using data from a 2012–2013 empirical study, this article examines financial practices and attitudes toward accumulation of assets among low-income rural families in a county in Mississippi. It dissects "asset accumulation" as an often-ignored facet of the financial component of the Community Capitals Framework. The analysis also examines financial capital creation strategies used by local institutions. The article presents a new theoretical framework for understanding and predicting asset accumulation processes among low-income rural families and resulting community progress. Findings show asset accumulation among low-income rural women and families is hindered by a number of individual and institutional factors. However, a culture of fiscal household responsibility and asset accumulation can be created among women and low-income families. When this occurs, community financial capital as a multiplier effect can be anticipated, which will temporally increase other forms of community capital and progress community.