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New Study Estimates 106 Million Individuals are “Underbanked” |
A new study came out from Center for Financial Services Innovation
(CFSI) on the underbanked populations in the U.S. The study estimates
that there are now 40 million families, or 106 million individuals, who
are “underbanked”. With a national population just north of 300
million, this means approximately one third of the population has
limited or no access to financial services.
Other characteristics of survey participants are:
- $26,390 median household income.
- 42% had thin or no credit file.
- 28%
had borrowed money within the past year. Among the most common reasons
for borrowing were to pay utility bills and living expenses.
For the complete study, visit the CFSI website .
This new study confirms that traditional financial services are not
reaching nearly enough of our country’s opulation. We need to do more
to open doors to the economic mainstream and help underserved
populations build assets, income and opportunity.
Grameen America is proud to be one of the organizations working hard to
address this growing issue. For example, through our unique
partnership with Experian (a national credit reporting agency), Grameen
America borrowers have the opportunity to establish a credit score
through successful repayment of their Grameen America loans. To learn
about other organizations who share our goal of helping low-income and
underbanked individuals build credit, visit the Credit Builders Alliance website.
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