CFED Scorecard

CFED Assets & Opportunity Scorecard

Financial Assets & Income
Unbanked Households
Definition

Percentage of households with neither a checking nor savings account, 2013.

Description

A bank or credit union account are often the first step in saving, planning for the future, building credit and climbing the economic ladder, but almost ten 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.

According to the Metropolitan Policy Program at Brookings, 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. Households without an account also don’t have a safe place to store their money, which makes them susceptible to 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. 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.

For more data and information on the unbanked, see the FDIC's economicinclusion.gov and joinbankon.org.

7.7% of United States households are unbanked

Unbanked Households, 2013

StatePercent of
Unbanked Households (%)
Rank
United States 7.7%
Alabama 9.2% 38
Alaska 1.9% 1
Arizona 12.8% 49
Arkansas 12.3% 48
California 8.0% 33
Colorado 6.4% 26
Connecticut 5.6% 17
Delaware 6.1% 23
District of Columbia 11.8% 47
Florida 6.2% 24
Georgia 10.9% 43
Hawaii 3.8% 8
Idaho 5.4% 16
Illinois 7.4% 31
Indiana 7.2% 29
Iowa 4.5% 11
Kansas 6.0% 22
Kentucky 9.7% 39
Louisiana 13.9% 50
Maine 2.4% 2
Maryland 4.8% 13
Massachusetts 5.8% 21
Michigan 5.7% 19
Minnesota 3.6% 7
Mississippi 14.5% 51
Missouri 8.9% 37
Montana 6.6% 28
Nebraska 5.7% 19
Nevada 7.9% 32
New Hampshire 2.9% 4
New Jersey 8.2% 34
New Mexico 10.9% 43
New York 8.5% 36
North Carolina 8.4% 35
North Dakota 2.8% 3
Ohio 7.2% 29
Oklahoma 10.9% 43
Oregon 4.5% 11
Pennsylvania 5.2% 15
Rhode Island 6.2% 24
South Carolina 10.5% 42
South Dakota 4.2% 10
Tennessee 9.7% 39
Texas 10.4% 41
Utah 3.3% 6
Vermont 3.1% 5
Virginia 6.5% 27
Washington 4.1% 9
West Virginia 11.0% 46
Wisconsin 4.8% 13
Wyoming 5.6% 17

Change in Unbanked Households

Unbanked Households Rate (%)
State200920112013
United States 7.7% 8.2% 7.7%
Alabama 11.6% 10.2% 9.2%
Alaska 4.3% 5.2% 1.9%
Arizona 7.5% 11.6% 12.8%
Arkansas 10.1% 12.3% 12.3%
California 7.7% 7.8% 8.0%
Colorado 6.9% 5.4% 6.4%
Connecticut 5.3% 5.3% 5.6%
Delaware 5.6% 6.7% 6.1%
District of Columbia 12.2% 10.9% 11.8%
Florida 7.0% 7.3% 6.2%
Georgia 12.2% 11.5% 10.9%
Hawaii 2.9% 3.8% 3.8%
Idaho 6.7% 5.7% 5.4%
Illinois 6.2% 7.6% 7.4%
Indiana 7.4% 7.8% 7.2%
Iowa 4.7% 4.4% 4.5%
Kansas 6.4% 7.1% 6.0%
Kentucky 11.9% 9.9% 9.7%
Louisiana 8.7% 11.5% 13.9%
Maine 2.6% 3.7% 2.4%
Maryland 5.6% 5.6% 4.8%
Massachusetts 4.1% 4.9% 5.8%
Michigan 6.7% 7.7% 5.7%
Minnesota 2.6% 4.1% 3.6%
Mississippi 16.4% 15.1% 14.5%
Missouri 8.2% 9.5% 8.9%
Montana 3.8% 4.8% 6.6%
Nebraska 5.4% 3.7% 5.7%
Nevada 6.9% 7.5% 7.9%
New Hampshire 2.2% 1.9% 2.9%
New Jersey 7.4% 6.6% 8.2%
New Mexico 11.4% 11.5% 10.9%
New York 9.8% 9.6% 8.5%
North Carolina 8.2% 9.3% 8.4%
North Dakota 4.8% 5.3% 2.8%
Ohio 7.1% 8.8% 7.2%
Oklahoma 9.8% 10.9% 10.9%
Oregon 5.7% 4.3% 4.5%
Pennsylvania 5.1% 6.1% 5.2%
Rhode Island 6.2% 7.0% 6.2%
South Carolina 10.2% 9.3% 10.5%
South Dakota 4.8% 4.4% 4.2%
Tennessee 9.9% 10.9% 9.7%
Texas 11.7% 12.8% 10.4%
Utah 1.7% 2.8% 3.3%
Vermont 4.2% 3.4% 3.1%
Virginia 5.1% 6.6% 6.5%
Washington 3.9% 4.5% 4.1%
West Virginia 6.3% 9.5% 11.0%
Wisconsin 4.3% 4.5% 4.8%
Wyoming 4.0% 5.8% 5.6%

Definition

Percentage of households with neither a checking nor savings account, 2013.

Source

2013 FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2014.

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