Analysis of Consumer Perceptions on Payday Loan Services, Asset Ownership, and Financial Management Education

摘要

Payday loan services, asset ownership, and financial management have been issues of interest to many consumers and scholars. Using a cross-sectional survey, we analyzed perceptions on payday loan services, asset ownership, and financial management education. The results showed that, only a small number of respondents used payday loan services. A majority had savings and checking accounts, and owned a vehicle; however, a majority did not own an IDA or a home. Furthermore, many were willing to participate in a financial management workshop. We also found that selected socioeconomic factors had statistically significant effects on selected indicators. For instance, gender had a statistically significant effect on using payday loan services. Age and household income had statistically significant effects on owning a home. The number of children under 18 years, gender, age, and household income had statistically significant effects on the willingness to participate in a financial management workshop. The findings show that socioeconomic factors may be important, and should be considered in policies regarding payday loan services, asset ownership, and financial management.