Building financial capability among low-income older Asian immigrants: The roles of financial access and locus of control

Using qualitative data collected from 13 individuals in the federally funded employment training program for low-income older adults in Los Angeles, California, the study examines financial capability among low-income older Asian immigrants, with special attention to the roles of financial access. Based on the conceptual framework of financial capability, the in-depth interview data show barriers to (external and internal) and facilitators (ethnic banking and social support) of financial access among this population. We expand the conceptual framework of financial capability by adding the concepts of financial locus of control and information-related behaviors, and describe the dynamic process through which locus of control affects financial access, financial behaviors, and financial outcome. For Asian immigrants with internal locus of control, in-depth interviews vividly illustrate how newly gained financial access transforms individuals' financial outlook. Research, practice, and policy implications are discussed.