The Influence of Financial Well‐Being on Pawnshop Use. Issue 4 (5th March 2019)

• Record Type: Journal Article
• Authors: Nicolini, Gianni; Cude, Brenda J.
• Is Part Of: Journal of consumer affairs. Volume 53:Issue 4(2019)
• Page Start: 1674
• Page End: 1692
• Publication Date: 2019-03-05
• Subjects: Consumer education -- Periodicals; Consumers -- Periodicals; 381.33
• DOI: 10.1111/joca.12244
• Languages: English
• ISSNs: 0022-0078

Abstract

Abstract : This research examined the influence of financial well‐being on pawnshop use. Data from the 2015 National Financial Capability Study were used to construct a measure of financial well‐being, based on the Consumer Financial Protection Bureau's definition. A higher financial well‐being reduced the odds of pawnshop use by 17%, even after controlling for having a bank account, having a credit card, being financially overconfident, proximity to local pawnshops, and selected demographic characteristics. The authors make recommendations for future research based on changes in the pawnshop industry and its users.