2011 FDIC National Survey of Unbanked and Underbanked Households

2011 FDIC National Survey of Unbanked and Underbanked Households

2011 FDIC National Survey of Unbanked and Underbanked Households

One In Four Households Lack Sufficient Bank Savings

What is in your piggy bank?

Most of the recent economic news continues to circle around all of the positive signs of economic progress which includes the real estate market. True, many factors continue to look more positive. However consider in September the FDIC released its second biennial national survey of unbanked and underbanked households which represents the most comprehensive survey of its kind in the United States.

The survey, conducted in June 2011, indicates that more than one in four U.S. households (28.3 percent) lack a bank account (unbanked) or have insufficient funds in their bank account (underbanked). The figures represent a slight increase from the findings of the FDIC’s 2009 inaugural survey.

Key Findings From 2011 Survey

Some of the key overall findings from the 2011 include:

  • 8.2 percent of US households are unbanked. This represents 1 in 12 households in the nation, or nearly 10 million in total.
  • The proportion of unbanked households increased slightly since the 2009 survey. The estimated 0.6 percentage point increase represents an additional 821,000 unbanked households.
  • 20.1 percent of US households are underbanked. This number represents one in five households, or 24 million households. The 2011 underbanked rate in 2011 is higher than the 2009 rate of 18.2 percent, although the proportions are not directly comparable because of differences in the two surveys.
  • 29.3 percent of households do not have a savings account, while about 10 percent do not have a checking account. About two-thirds of households have both checking and savings accounts.
  • One-quarter of households have used at least one AFS product in the last year, and almost one in ten households have used two or more AFS. In all, 12 percent of households used an AFS product in the last 30 days, including four in ten unbanked and underbanked households.

These numbers do not bode well for the overall economic healthy of the US. Although people at the top of the economic food chart continue to be flush with cash and savings, those in the middle to bottem have little to no savings. We can all claim healthy economic stability when everyone has at least some money saved away.

Read the 2011 Full Report – PDF

2009 Household Survey
The report and data for the 2009 FDIC National Survey of Unbanked and Underbanked Households.

 

2011 FDIC National Survey of Unbanked and Underbanked Households

2011 FDIC National Survey of Unbanked and Underbanked Households

2011 FDIC National Survey of Unbanked and Underbanked Households

2011 FDIC National Survey of Unbanked and Underbanked Households

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