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2011 FDIC National Survey of Unbanked and Underbanked Households

This document presents the key findings and insights from the 2011 FDIC National Survey of Unbanked and Underbanked Households. It provides information on the banking status and use of alternative financial services among households in the United States. The survey offers detailed state and local results, offering valuable insights for economic inclusion strategies. The report highlights the importance of understanding different segments and the need for long-term participation in the banking system.

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2011 FDIC National Survey of Unbanked and Underbanked Households

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  1. 2011 FDIC National Survey of Unbanked and Underbanked Households Keith Ernst Consumer Federation of America Financial Services Conference Washington, DC November 29, 2012

  2. Terminology • Unbanked: No one in the household has an insured checking or savings account. • Underbanked: While the household has a checking or savings account, it also relied on alternative financial services in the last 12 months.

  3. Introduction • Primary focus • Banking status and alternative financial services use • Strength in numbers • CPS affords detailed state and local results • New insights • Account type & AFS timing www.economicinclusion.gov

  4. Economic Inclusion

  5. Overall Results Banking Status Results Account Ownership Results AFS & Prepaid Debit Results

  6. Banking Status www.economicinclusion.gov

  7. Account Ownership www.economicinclusion.gov

  8. Timing of AFS Use * *

  9. Overall Results Banking Status Results Account Ownership Results AFS & Prepaid Debit Results

  10. Unbanked by State www.economicinclusion.gov

  11. Previous Banking Status www.economicinclusion.gov

  12. Banking Status of Select Groups www.economicinclusion.gov

  13. Income Distribution Unbanked Underbanked Fully Banked

  14. Household Type Unbanked Underbanked Fully Banked www.economicinclusion.gov

  15. Overall Results Banking Status Results Account Ownership Results AFS & Prepaid Debit Results

  16. Accounts by Income www.economicinclusion.gov

  17. Account Opening Plans www.economicinclusion.gov

  18. Account Opening Motivation www.economicinclusion.gov

  19. Overall Results Banking Status Results Account Ownership Results AFS & Prepaid Debit Results

  20. Changes in AFS Use www.economicinclusion.gov

  21. Past 30 Days AFS Use www.economicinclusion.gov

  22. Select AFS Use in Prior 30 Days www.economicinclusion.gov

  23. Prepaid Debit Use by Banking Status www.economicinclusion.gov

  24. Closing Thoughts • Understanding segments better might increase the efficacy of economic inclusion strategies • The previously banked are more likely to want to open an account • Having a bank account does not guarantee long term participation in the banking system www.economicinclusion.gov

  25. economicinclusion.gov

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