Money Under the Mattress?

New Findings Show Growing Rates of Unbanked Americans

by Joanne K. Yoong, Angela A. Hung

Money Under the Mattress?

New findings show growing rates of unbanked Americans

Having a bank account increases security, reduces vulnerability to theft, and helps account holders develop financial smarts. But survey data from RAND's American Life Panel suggest that the fraction of American households with no savings or checking bank accounts is on the rise.

15.5% Unbanked in 2011

Up by about a third since a 2009 FINRA Investor Education Foundation survey

$30,000 A Class Divide

36% of households earning less than $30,000 a year are unbanked, compared with just 7% of those earning more

1 in 3. Proportion of Blacks and Hispanics Who Are Unbanked

Racial and ethnic disparities in banking status persist, but there is no gender gap

Top 3 Reasons Respondents Say They Don't Bank

Not enough money, 58%
Don't like dealing with banks, 40%
Don't want/need an account, 35%

SOURCE: New Findings on the Unbanked in America: Results from the 2011 American Life Panel Survey, Angela A. Hung, Joanne K. Yoong, RAND/OP369-1, 2012.

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