The Center for Financial Services Innovation says the Federal Deposit Insurance Corp.'s National Survey of Unbanked and Underbanked Households provides essential information about understanding the underbanked.
According to a news release from CFSI, the survey focuses on one of the most important issues faced by lower-income individuals in the United States, confirming that at least 60 million U.S. adults are unbanked or underbanked. The survey sheds light on critical details underlying this number by delving into differences in financial-services usage according to marital status, income, gender, race and ethnicity — and by providing information at the state and local levels.
There is particularly strong demand for this local data, which will enable local policymakers, financial institutions and others to hone their efforts to understand and develop solutions for the challenges that unbanked and underbanked individuals face.
Relevant parties, from banks to government, nonprofits to alternative financial services providers, have a role to play, and understanding who is unbanked or underbanked is a critical data point on the path toward achieving that goal.
CFSI, which conducted a similar study, categorizes the underbanked into eight market segments, defines market-segment size, lists financial product use, includes desired marketing and communication approaches, and lists financial service experiences of the U.S. underbanked population.
