Student debt and stock-ownership decisions of U.S. households

Thomas Korankye, Michael Guillemette

Research output: Contribution to journalArticlepeer-review

4 Scopus citations


This study contributes to the literature on the stock-holding puzzle by examining the effects of student debt on the decision of U.S. households to own stocks in non-retirement accounts. The study uses longitudinal data from the 2011 to 2017 U.S. Panel Study of Income Dynamics for the analyses. The results show that households with student debt have a lower probability of owning stocks in a non-retirement account compared to households without student debt. The results also show that the amount of student debt is associated negatively to the decision to own stocks in a non-retirement account. The findings suggest that the financial constraints associated with student debt may influence stock ownership in a non-retirement account.

Original languageEnglish (US)
Pages (from-to)387-390
Number of pages4
JournalApplied Economics Letters
Issue number5
StatePublished - 2021
Externally publishedYes


  • debt
  • stock investment
  • stock ownership
  • Student loan

ASJC Scopus subject areas

  • Economics and Econometrics


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