The Federal Deposit Insurance Corporation (FDIC) released the findings from its FDIC National Survey of Unbanked and Underbanked Households on Wednesday. Results from the study showed that about one of every four U.S. households is either using banking services on a very limited basis or not at all.
The survey was conducted by the U.S. Census Bureau on behave of the FDIC, while it conducted its population study in January 2009. The study found that 25.6 percent of U.S. households were “underbanked” as the FDIC terms it.
According the FDIC’s report, the majority of “underbanked” households were those of low-income or minority, or both.
Results from the survey showed that 71 percent of the households found to be “underbanked” had incomes below $30,000 a year.
“By better understanding the households that make up this group – who they are and their reasons for being unbanked or underbanked, we will be better positioned to help them take that first step,” added Blair.
The survey marks the first time such data has been collected at a level that can produce national, regional and state estimates.
“This survey will provide the information base for future efforts to address the financial services needs of unbanked and underbanked households in the United States,” said FDIC Vice Chairman Martin J. Gruenberg. “It breaks new ground in the effort to expand access to basic financial services.”
Results also showed that roughly 21.7 percent of black households were “underbanked” while Hispanic households held a 19.3 percent rate.
The 25.6 percent rate of “unbanked” or “underbanked” households works out to roughly 30 million households across America.
