Wonder
Log in
Research Outline
Prepared for Egeria | Delivered May 20, 2020
The Underbanked - Demographic Analysis (US)
Review your project details
Goals
To provide a demographic analysis of underbanked adults in the United States.
View less
Early Findings
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:
Education
The majority of underbanked Americans skew towards adults with little or no college education.
24.3 percent
of underbanked adults do not possess a high school diploma. For
20.3 percent
of such individuals, a high school diploma is their highest qualification.
20.8 percent
possess some college education, while
14.4 percent
possess a college degree.
Age
According to the FDIC,
29.3 percent
of individuals between the ages of 15-24 are believed to be underbanked. Similarly,
23.1 percent
of individuals between the ages of 25-34;
19.3 percent
of individuals between the ages of 45-54; and
17.8 percent
of individuals between the ages of 55-64 all fall into the underbanked category.
Race/Ethnicity
The underbanked population in the U.S. is majorly made up of Black Americans and Hispanics.
30.4 percent
of Black Americans and
28.9 percent
of Hispanics are believed to be underbanked. On the other hand,
17.5 percent
of Asians, and
14.1 percent
of White Americans are also believed to fall into this category.
Household Income
In the U.S., as with the unbanked population, the majority of the underbanked population skew towards poorer households.
20.9 percent
of households that fall into this category earn less than $15,000 per annum.
22.4 percent
of underbanked households earn between $15,000 - $30,000 per annum, while
19.7 percent
earn between $50,000 - $75,000 per annum.
Gender
Similarly to the unbanked population, there's
no gap
between male and female ownership of banking accounts in the US. This means that there is an
equal proportion
of male to female underbanked adults in the United States.
Geography
A significant proportion of underbanked individuals reside in the south-eastern and south-western regions of the U.S. The states with the
highest proportion
of underbanked adults include Nevada, Texas, Georgia, and Alabama.
View less