Bank / Credit Union
Unbanked population falls to record low in US
October 26, 2022
The number of unbanked Americans has fallen to 4.5%, representing 5.9 million households. This is the lowest level since the FDIC began tracking this data in 2009, according to a report by NBC News.
In 2019, the number of Americans without a bank account stood at 5.4%. This decrease may be due to COVID-19 stimulus checks which pushed Americans to get a bank account to receive the funds.
"During the pandemic, consumers opened bank accounts to access relief funds and other benefits quickly and securely," Martin J. Gruenberg, acting chairman of the FDIC, said in a statement.
The FDIC also attributed the change due to the stronger economy in 2021. However, the number of unbanked are unevenly distributed, as 11.3% of Black households and 9.3% of Hispanic households do not have a bank account. But these numbers are down from 13.8% and 12.2% for Black and Hispanic households in 2019 respectively.
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