The proportion of U.S. households without a bank account will fall to an all-time low in 2023.
At 4.2% of U.S. households, or 5.6 million households, the share of households without a bank or credit union account was the lowest since 1999. Federal Deposit Insurance Corporation (FDIC) begins biennial publication National Survey of Unbanked and Unbanked Households 2009, the regulator announced on Tuesday (November 12). press release.
According to the announcement, the highest interest rate for those without a bank account was 8.2%, recorded in 2011.
While this rate is improving, it remains high for some categories of households, according to the release.
“This study reveals that significant disparities in access to the banking system for minorities, low-income households, households with disabilities, and single-parent households continue to exist and must be addressed,” said FDIC Chairman. said. Martin J. Gruenberg said in a release.
The FDIC also estimates that by 2023, 14.2% of U.S. households, or 19 million people, will be underbanked, meaning they have a bank or credit union account but primarily use non-bank products and services. was also revealed.
In terms of methods used for banking and payments, the FDIC found that 48.3% of banked households use mobile banking as their primary method of accessing their accounts. 76.4% of all households had a credit card. 3.9% of all households used buy now, pay later (BNPL) in the past 12 months. 4.8% of households owned or used crypto assets or digital assets in the past 12 months.
Among those who own or use crypto assets or digital assets, 92.6% held them as investments and 4.4% used them as a means of payment, according to the release.
PYMNTS Intelligence finds that a growing proportion of consumers are bypassing traditional financial institutions and using non-bank financial service providers, with high-income earners and Millennials leading the way.
Overall, nearly 36% of U.S. consumers used a nonbank financial institution in January, up from 33% in the same period last year, PYMNTS reported in May.
Some consumer categories are more likely to use non-bank financial institutions, including 44% of Millennials, 43% of Bridge Millennials, and 37% of consumers with annual incomes of $100,000 or more.
