CFED Scorecard

CFED Assets & Opportunity Scorecard

Financial Assets & Income
Underbanked Households
Definition

Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months, 2013.

Description

Underbanked households describes the percentage of households that have a mainstream account but use alternative and often costly financial services for basic transaction and credit needs. In the previous year, approximately 68% of underbanked households used non-bank money orders and 18% used check-cashing services, meaning they spent a significant amount on services for which most Americans pay little to nothing. 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 data and information on the underbanked, see the FDIC's economicinclusion.gov and joinbankon.org.

20.0% of United States households are underbanked

Underbanked Households, 2013

StatePercent of
Underbanked Households (%)
Rank
United States 20.0%
Alabama 26.4% 48
Alaska 19.3% 25
Arizona 17.6% 16
Arkansas 25.7% 47
California 17.0% 10
Colorado 17.3% 15
Connecticut 14.4% 6
Delaware 18.5% 19
District of Columbia 24.8% 45
Florida 19.1% 23
Georgia 26.9% 49
Hawaii 19.7% 29
Idaho 19.0% 21
Illinois 14.6% 8
Indiana 17.6% 16
Iowa 14.4% 6
Kansas 22.9% 40
Kentucky 23.5% 41
Louisiana 24.5% 43
Maine 19.2% 24
Maryland 23.9% 42
Massachusetts 17.2% 13
Michigan 18.1% 18
Minnesota 12.3% 2
Mississippi 32.8% 51
Missouri 20.4% 34
Montana 17.0% 10
Nebraska 20.1% 33
Nevada 24.7% 44
New Hampshire 13.9% 4
New Jersey 19.6% 27
New Mexico 22.5% 39
New York 19.6% 27
North Carolina 21.5% 35
North Dakota 20.0% 31
Ohio 20.0% 31
Oklahoma 22.2% 37
Oregon 17.1% 12
Pennsylvania 22.2% 37
Rhode Island 14.0% 5
South Carolina 25.6% 46
South Dakota 19.9% 30
Tennessee 18.7% 20
Texas 27.4% 50
Utah 13.0% 3
Vermont 16.2% 9
Virginia 19.5% 26
Washington 17.2% 13
West Virginia 19.0% 21
Wisconsin 10.4% 1
Wyoming 21.8% 36

Definition

Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months, 2013.

Source

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

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