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Researchers : FDIC Survey of Unbanked and Underbanked Households
Complete Description:In January 2009, the FDIC sponsored a special supplement to the U.S. Census Bureau’s Current Population Survey (CPS) to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons for being unbanked and underbanked. Teamed with the rich demographic and geographic data available through the CPS, this report and the accompanying survey data present a wealth of previously unavailable information on unbanked and underbanked households at the national, state, and large metropolitan statistical area (MSA) levels. An estimated 7.7 percent of U.S. households (approximately 9 million), are unbanked. The proportion of U.S. households that are unbanked varies considerably among different racial and ethnic groups, with certain racial and ethnic minorities more likely to be unbanked than the population as a whole. Minorities more likely to be unbanked include blacks (21.7 percent), Hispanics (19.3 percent), and American Indian/Alaskans (15.6 percent). By comparison 3.3 percent of whites and 3.5 percent of Asians are unbanked. Nearly 20 percent of lower income U.S. households—almost 7 million households earning below $30,000 per year—do not currently have a bank account. An estimated 41.1percent of unbanked households believes that opening a bank account in the future is “not likely at all.” In addition to the unbanked households, an estimated 17.9 percent of U.S. households, roughly 21million, are underbanked. The report provides additional information on the use of various alternative financial products from non-bank providers.
Author:Federal Deposit Insurance Corporation
Funding Agency: Board of Governors of the Federal Reserve System
Language: English
Audience: Researcher