Key Overall Findings
The 2011 National Survey of Unbanked and Underbanked Households
Banking Status of U.S. Households
More than one in four households (28.3 percent or 34 million households) are either unbanked or underbanked. An estimated 8.2 percent of households (about 10 million) are unbanked and another 20.1 percent of households (or 24 million) are underbanked.
Unbanked Households by Year
The proportion of unbanked households in 2011 increased slightly from 2009. The estimated 0.6 percentage point increase represents an additional 821,000 unbanked households.
Unbanked/Underbanked Households by Race
Unbanked and underbanked households are more prevalent among non-Asian minorities: 55.3 percent of black households, 48.7 percent of Hispanics, and 41.3 percent of American Indians are unbanked or underbanked. In contrast, 20.1 percent of white households and 19.3 percent Asian households are unbanked or underbanked.
Unbanked/Underbanked Households by Income
More than two in five households with annual income below $30,000 are unbanked or underbanked. Unbanked rates decrease sharply with increasing income.
Unbanked/Underbanked Households by Age
Both unbanked and underbanked rates decrease with age. For example, almost one-third (31.0 percent) of households under 24 are underbanked compared to only 11.4 percent of households age 65 or older.
Unbanked/Underbanked Households by Household Type
Unbanked and underbanked households are disproportionately represented among unmarried family households. Almost 18 percent of unmarried family households are unbanked and close to 30 percent are underbanked. Married couples and individual householders have the lowest unbanked and underbanked rates.
Households by Bank Account Type
The large majority of U.S. households (at least 88.5 percent) have a checking account. Savings accounts are less prevalent than checking accounts. Only 69.2 percent of households have a savings account.
Households Ownership of Checking and Savings Account
Close to 30 percent of households do not have a savings account, while about 10 percent do not have a checking account.
Timing of AFS Use for All Households
One-quarter of households have used AFS in the last year, including 12.0 percent who used one or more AFS products in the last 30 days.
Number of Specific AFS Households Used in the Last Year
Almost one in ten households (8.4 percent) have used two or more types of AFS products in the last year.