CFED Assets & Opportunity Scorecard
Percentage of households with neither a checking nor savings account, 2009.
A bank or credit union account can be the first step in saving, planning for the future, building credit and climbing the economic ladder, but more than nine million American households don't have one. Households without an account may spend a significant amount of money on financial services for which most Americans pay little to nothing. The average full-time worker without a bank account can spend $40,000 over the course of his or her lifetime just to cash paychecks. In addition, those without an account don’t have a safe place to store their money, which makes them more likely to be victims of theft and unable to safely access money during emergencies.
Beyond issues of cost and safety, unbanked individuals do not have a way to save and build a personal safety net, turn savings into asset investments, or to build the robust and positive credit history needed to access affordable credit and succeed in today’s increasingly complex consumer marketplace. When combined with the rate of underbanked households, this measure can paint a broad picture of which states have more households that are financially underserved.
FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2009.