Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/274902 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 15 [Issue:] 9 [Article No.:] 380 [Year:] 2022 [Pages:] 1-14
Publisher: 
MDPI, Basel
Abstract: 
Financial inclusion is a critical tool in the fight against poverty. This is especially important in economies where informal markets are prevalent due to the pervasion of market failures. Marginal identities such as gender, income and race are generally noted in the literature as factors influencing access to finance. However, these marginalities are often investigated linearly, with little attention paid to the fact that they interact to compound financial exclusion. Using a survey of informal traders, the paper investigates how having multiple marginalities influences the choice of start-up capital. A sample is drawn from three different provinces in South Africa. A multinomial logit model is estimated. Using a simulation of representative groups, the paper shows that multiple marginalities matter in accessing finance. Education emerges as the most important factor that can temper the effect of other marginalities in the financial sector. Both females and blacks with higher levels of education have better access to more stable sources of start-up capital.
Subjects: 
financial inclusion
informality
intersectionality
marginalisation
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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