CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Underbanked Households

Definition

Percentage of households that have either a checking or savings account but have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements or pawn shops at least once a year or refund anticipation loans at least once in the past five years, 2009.

Description

More than 21 million American households have a checking or savings account, but still rely on costly alternative financial service providers for basic transaction and credit needs, including check cashers, payday lenders and pawn shops. An estimated 81% of underbanked households use non-bank money orders, while 30% use check-cashing transaction services. Underbanked households are more prone to loss or theft and face challenges in building credit and achieving financial security compared to banked households. When combined with the rate of unbanked households, this measure can paint a broad picture of which states have more households that are financially underserved.

For more information on the underbanked, see the Center for Financial Services InnovationFDIC's economicinclusion.gov and joinbankon.org, where you can also find estimates of the underbanked at the local level. 

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Underbanked Households

StatePercent of
Underbanked Households (%)
Rank
United States  17.9%   
Alabama  20.2%  38 
Alaska  25.5%  51 
Arizona  16.8%  21 
Arkansas  22.3%  44 
California  15.2%  13 
Colorado  15.3%  14 
Connecticut  13.8% 
Delaware  14.7% 
District of Columbia  23.9%  47 
Florida  16.8%  23 
Georgia  19.4%  33 
Hawaii  13.8% 
Idaho  19.7%  34 
Illinois  15.7%  16 
Indiana  16.8%  22 
Iowa  16.8%  20 
Kansas  17.4%  26 
Kentucky  23.7%  46 
Louisiana  22.9%  45 
Maine  18.0%  29 
Maryland  20.0%  37 
Massachusetts  11.4% 
Michigan  16.7%  19 
Minnesota  11.1% 
Mississippi  25.2%  50 
Missouri  19.3%  32 
Montana  19.7%  34 
Nebraska  14.9%  11 
Nevada  20.5%  39 
New Hampshire  12.1% 
New Jersey  12.0% 
New Mexico  21.7%  42 
New York  19.3%  31 
North Carolina  20.0%  36 
North Dakota  19.0%  30 
Ohio  21.0%  41 
Oklahoma  21.9%  43 
Oregon  14.8%  10 
Pennsylvania  17.6%  28 
Rhode Island  12.2% 
South Carolina  24.2%  49 
South Dakota  16.2%  18 
Tennessee  17.5%  27 
Texas  24.1%  48 
Utah  15.2%  12 
Vermont  12.1% 
Virginia  15.5%  15 
Washington  17.3%  24 
West Virginia  20.7%  40 
Wisconsin  16.0%  17 
Wyoming  17.4%  25 

Source

FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2009.

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