The Unbanked Population in the US Falls to a Record Low
The percentage of US households without a bank account fell to 6.5% in 2017 according to a new survey from the FDIC. This percentage has been falling since 2011 when it stood at 8.2% and is the lowest percentage since they began this survey in 2009. The FDIC said this decrease “can be explained almost entirely by improvements in the socioeconomic circumstances of U.S. households.” The percentage of underbanked consumers also declined to 18.7% of U.S. household, with underbanked being defined as a person who has a bank or credit union account but also uses financial services outside the traditional banking system, such as payday loans or check-cashing services. Source.