The objective of this study is examining the financial well-being of the vulnerable population. By using the 2016 Financial Well-Being survey conducted by the Consumer Financial Protection Bureau, we argue that despite higher education and possession of financial knowledge, systemic discrimination against vulnerable populations discourage their financial well-being. Previous studies tried to determine the determinants of financial well-being from various dimensions and used them as an independent variable. Contrary to previous studies, our study uses this variable as a dependent variable and examines the financial well-being of vulnerable population and whether financial literacy or education attainment can help in increasing the financial well-being of under-served populations.
Author(s): Marty Cotwright, Seongsu Kim, Swarn Chatterjee
