Consumer Perceptions on Payday Lending and Other Issues

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. Keywords: Payday Loan Services, Asset Ownership, Financial Education, Financial Management, Socioeconomic Factors