Prepared for Egeria R. | Delivered May 20, 2020
The Underbanked - Demographic Analysis (US)
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To provide a demographic analysis of underbanked adults in the United States.
The underbanked population uses some elements of traditional banking, such as
checking and savings
accounts, but primarily relies on
cash and paper checks
to conduct most transactions.
Below are some of our findings:
The majority of underbanked Americans skew towards adults with little or no college education.
of underbanked adults do not possess a high school diploma. For
of such individuals, a high school diploma is their highest qualification.
possess some college education, while
possess a college degree.
According to the FDIC,
of individuals between the ages of 15-24 are believed to be underbanked. Similarly,
of individuals between the ages of 25-34;
of individuals between the ages of 45-54; and
of individuals between the ages of 55-64 all fall into the underbanked category.
The underbanked population in the U.S. is majorly made up of Black Americans and Hispanics.
of Black Americans and
of Hispanics are believed to be underbanked. On the other hand,
of Asians, and
of White Americans are also believed to fall into this category.
In the U.S., as with the unbanked population, the majority of the underbanked population skew towards poorer households.
of households that fall into this category earn less than $15,000 per annum.
of underbanked households earn between $15,000 - $30,000 per annum, while
earn between $50,000 - $75,000 per annum.
Similarly to the unbanked population, there's
between male and female ownership of banking accounts in the US. This means that there is an
of male to female underbanked adults in the United States.
A significant proportion of underbanked individuals reside in the south-eastern and south-western regions of the U.S. The states with the
of underbanked adults include Nevada, Texas, Georgia, and Alabama.