TABLE 6.
Determinants of the Minority Gap in Bank Account Ownership by SES Group (Race/Ethnicity of the Household FR)
| Income (I) |
|||
| I<median | I≥median | χ2 test | |
| Panel A | |||
| Black | −0.1411*** | −0.0779*** | 70.7 |
| (0.0072) | (0.0066) | [0.00] | |
| Hispanic | −0.0952*** | −0.0697*** | 4.89 |
| (0.0121) | (0.0106) | [0.02] | |
| Wealth (W) |
|||
| W<median | W≥median | χ2 test | |
| Panel B | |||
| Black | −0.1283*** | −0.0624*** | 41.89 |
| (0.0071) | (0.0069) | [0.00] | |
| Hispanic | −0.0880*** | −0.0508*** | 4.65 |
| (0.0122) | (0.0103) | [0.03] | |
| NSES |
|||
| NSES<median | NSES≥median | χ2 test | |
| Panel C | |||
| Black | −0.1166*** | −0.1012*** | 5.26 |
| (0.0070) | (0.0077) | [0.02] | |
| Hispanic | −0.0823*** | −0.0812*** | 0.12 |
| (0.0124) | (0.0113) | [0.72] | |
Notes: No. of obs.=74,945, No. of ind.=18,582. Coefficients for black and Hispanic indicators are reported (whites are the reference group). They are estimated using the specification in column (7) of Table 4 and separately for the different groups indicated in the table. Standard errors are in parentheses. We report a χ2 test (with p-value in brackets) for the equality of coefficients between groups. See Table A10 for full set of estimates.
*
Significance level p<.1.
**
Significance level p<.05.
***
Significance level p<.01.