Barriers to Banking: A Mixed‐Methods Investigation of Previously Incarcerated Individuals' Banking Perceptions and Financial Knowledge
Abstract
Minimal research currently exists on the financial aspects, including financial knowledge and capability, that impact previously incarcerated individuals. However, the reality is that many currently and previously incarcerated individuals have never interacted with financial services and, if they have, they had limited exposure. The focus of the current research study was to examine previously incarcerated individuals' banking perceptions, banking behaviors, and financial knowledge by employing a mixed methodology using a sequential explanatory design. Across case analyses discovered three themes of (a) barriers to banking, (b) prudency of banking, and (c) confidence versus trepidation. The findings in this study provide implications for financial institutions and policymakers and suggested solutions are addressed.
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Financial literacy education may be helpful, as well as changes to banking practice and policies.
“Financial literacy education may be helpful, as well as changes to banking practice and policies (Koenig, 2007; Mielitz, Clady, Lurtz, & Archuleta, 2019; Mielitz & Marcum, 2020).”
From Debt, Incarceration, and Re-entry: a Scoping Review (2021) · cites this paper as Mielitz, Clady, Lurtz, & Archuleta, 2019
Cites
Pager, D. (2003) · American Journal of Sociology · doi:10.1086/374403 · Cited by 2,840 · see citing works
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152 · see citing works
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Debt, Incarceration, and Re-entry: a Scoping Review
Harper, A., Ginapp, C., Bardelli, T., Grimshaw, A., Justen, M., Mohamedali, A., Thomas, I., & Puglisi, L. (2021) · American Journal of Criminal Justice · doi:10.1007/s12103-020-09559-9 · Cited by 76 · see citing works
- Authors
- Mielitz, K. S., Clady, J., Lurtz, M., & Archuleta, K.
- Venue
- Journal of Consumer Affairs
- Publisher
- Wiley
- Published
- 2019-06-02
- Volume
- 53
- Issue
- 4
- Pages
- 1748-1774
- ISSN
- 0022-0078 (ISSN-L)
- 1745-6606
- OpenAlex
- W2945290439
- Cited by
- 17
- References
- 2
- Citations by year
- 2026: 4 · 2025: 2 · 2024: 3 · 2023: 1 · 2022: 2 · 2021: 2 · 2020: 3
- FWCI
- 4.46
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Consumer Affairs (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Sociology and Political Science › Criminal Justice and Corrections Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Keywords
- formerly incarcerated individuals, banking access, financial knowledge, financial capability, banking behavior, financial prudence, financial inclusion, financial institutions, policy implications
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