nderbanked US population grows to 14.2%, FDIC finds.
The unbanked share of U.S. households fell to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic.
- The proportion of unbanked households in the U.S. continued to decline last year, to 4.2%, or 5.6 million households, according to the Federal Deposit Insurance Corp.’s 2023 National Survey of Unbanked and Underbanked Households.
- However, the share of underbanked households has grown: About 14.2%, or about 19 million, households were considered underbanked last year, up from 14%, or 18.7 million households, in 2021. Underbanked households hold a bank or credit union checking or savings account, but have also tapped financial services from nonbanks.
- Additionally, more consumers are turning to nonbank companies to facilitate money movement: Last year, about 50% of all households used nonbank online payment services, including PayPal, Venmo and Cash App, according to the biennial household survey, released Tuesday. That’s up from 46.4% in 2021.
- Source: BANKINGDIVE
