This study examines how citizenship and immigration status, along with distinct pre-migration and post-migration factors, shape financial engagement and inclusion among U.S. consumers, focusing particularly on immigrants. Financial resilience and equitable access to services are essential for consumer well-being, yet many immigrants face barriers rooted in both their countries of origin and experiences in the U.S. Using data from the FDIC-CPS, this study explores how pre-migration factors—such as financial norms, home-country banking system maturity, and language proficiency—interact with post-migration factors like citizenship status, age of arrival, and ethnicity enclave capital to influence financial engagement. These variables affect immigrants' interaction with formal financial services, which tend to have more regulation, and can also push them toward alternative financial services that often have less regulation, potentially higher interest rates, and additional service fees. Access to regulated financial services is essential for resilience against economic shocks. Findings will identify key barriers that immigrant populations face, guiding policies and initiatives aimed at promoting financial equity and resilience. By addressing these disparities, financial institutions and policymakers can create a more inclusive financial system that strengthens the economic well-being of underserved consumers.
