Report
New Findings on the Unbanked in America
May 8, 2012
New Findings Show Growing Rates of Unbanked Americans
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. | |
![]() Up by about a third since a 2009 FINRA Investor Education Foundation survey |
![]() 36% of households earning less than $30,000 a year are unbanked, compared with just 7% of those earning more |
![]() Racial and ethnic disparities in banking status persist, but there is no gender gap |
![]() Not enough money, 58% |
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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