Using data from the Panel Study of Income Dynamics (PSID) Child Development Supplement and Transition into Adulthood, this study compared Whites, Blacks, and Latinos to identify racial and ethnic differences in bank account ownership. Having a bank account as a child was significantly associated with bank account ownership in young adulthood. Black children and young adults lagged in bank account ownership. Parental bank account ownership and family wealth increased the odds of bank account ownership for White children significantly more than for Black children. Financial independence, employment status, and educational attainment of young adults showed greater associations with bank account ownership than family background. Findings call for educational programs and policies to increase opportunities for the bank account ownership of minority youths. Keywords: bank account ownership, financial socialization, racial difference, young adults

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