TABLE 4.
Determinants of Ownership of Bank Account, Race, and Ethnicity for FR – CRE Model
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
|---|---|---|---|---|---|---|---|
| Black | −0.1481*** | −0.1341*** | −0.1189*** | −0.1206*** | −0.1196*** | −0.1227*** | −0.1202*** |
| (0.0052) | (0.0051) | (0.0052) | (0.0052) | (0.0053) | (0.0052) | (0.0053) | |
| Hispanic | −0.1541*** | −0.1389*** | −0.1287*** | −0.1177*** | −0.1172*** | −0.0847*** | −0.0830*** |
| (0.0076) | (0.0075) | (0.0075) | (0.0083) | (0.0083) | (0.0088) | (0.0088) | |
| Home owner, no mortgage | −0.0081 | −0.0085 | −0.0084 | −0.0085 | −0.0086 | −0.0080 | |
| (0.0064) | (0.0064) | (0.0064) | (0.0064) | (0.0064) | (0.0064) | ||
| Home owner, with mortgage | 0.0024 | 0.0020 | 0.0021 | 0.0020 | 0.0019 | 0.0024 | |
| (0.0067) | (0.0067) | (0.0067) | (0.0067) | (0.0067) | (0.0067) | ||
| Vehicle ownership | 0.0648*** | 0.0640*** | 0.0640*** | 0.0639*** | 0.0640*** | 0.0641*** | |
| (0.0055) | (0.0055) | (0.0055) | (0.0055) | (0.0055) | (0.0055) | ||
| Debt ownership | 0.0356*** | 0.0359*** | 0.0359*** | 0.0359*** | 0.0358*** | 0.0359*** | |
| (0.0033) | (0.0033) | (0.0033) | (0.0033) | (0.0033) | (0.0033) | ||
| Overall health index | 0.0067*** | 0.0067*** | 0.0067*** | 0.0068*** | 0.0068*** | ||
| (0.0025) | (0.0025) | (0.0025) | (0.0025) | (0.0025) | |||
| Cognition, quartile 2 | 0.0109*** | 0.0109*** | 0.0109*** | 0.0109*** | 0.0109*** | ||
| (0.0042) | (0.0042) | (0.0042) | (0.0042) | (0.0042) | |||
| Cognition, quartile 3 | 0.0164*** | 0.0164*** | 0.0164*** | 0.0165*** | 0.0166*** | ||
| (0.0047) | (0.0047) | (0.0047) | (0.0047) | (0.0047) | |||
| Cognition, quartile 4 | 0.0193*** | 0.0193*** | 0.0193*** | 0.0196*** | 0.0195*** | ||
| (0.0055) | (0.0055) | (0.0055) | (0.0055) | (0.0055) | |||
| Foreign born, Mexico | −0.1492*** | −0.1492*** | −0.0525* | −0.0513* | |||
| (0.0284) | (0.0284) | (0.0295) | (0.0295) | ||||
| Foreign born, SA, CA, Cuba | −0.0269 | −0.0271 | 0.0534* | 0.0532* | |||
| (0.0283) | (0.0283) | (0.0290) | (0.0290) | ||||
| Foreign born, Caribbean | 0.0246 | 0.0248 | 0.0599* | 0.0601** | |||
| (0.0306) | (0.0306) | (0.0306) | (0.0306) | ||||
| Foreign born, other | −0.0313 | −0.0303 | −0.0256 | −0.0255 | |||
| (0.0220) | (0.0220) | (0.0220) | (0.0220) | ||||
| No citizenship | −0.0393* | −0.0388* | −0.0344 | −0.0333 | |||
| (0.0232) | (0.0232) | (0.0231) | (0.0231) | ||||
| SSN, refuse to provide | −0.0070 | −0.0070 | −0.0070 | ||||
| (0.0054) | (0.0054) | (0.0054) | |||||
| SSN, provided | −0.0021 | −0.0021 | −0.0022 | ||||
| (0.0044) | (0.0044) | (0.0044) | |||||
| Spanish survey | −0.1628*** | −0.1625*** | |||||
| (0.0141) | (0.0141) | ||||||
| NSES index | 0.0046** | ||||||
| (0.0021) | |||||||
| Ln(Finc. inst. Weig.) | 0.0007 | ||||||
| (0.0008) | |||||||
| R2, overall | 0.223 | 0.239 | 0.244 | 0.245 | 0.245 | 0.247 | 0.248 |
Notes: No. of obs.=74,945, No. of ind.=18,582. CA is Central America and SA is South America. Estimated coefficients for male, education, age, age squared, couple, household size, income and wealth tertiles, employment, receive social security benefits and pension income, and mean of all time variant variables (except NSES index and financial institutions), year and state dummies and constant are omitted in the interest of space. See Table A5 for full set of estimates.
*
Significance p <.1.
**
Significance p<.05.
***
Significance p<.01.