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Who Are the Unbanked? Characteristics Beyond Income

Author

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  • Fumiko Hayashi
  • Sabrina Minhas

Abstract

As the U.S. economy recovered from the Great Recession, more households entered the banking system. Still, 9 million households were unbanked in 2015. Understanding the characteristics of these households is critical in designing effective policies for financial inclusion. Policymakers often consider low income to be the defining characteristic of the unbanked. However, this broad characterization may mask large differences in banking status within low-income groups. {{p}} Fumiko Hayashi and Sabrina Minhas examine which household characteristics beyond income are associated with households? probability of being unbanked. They find that even after accounting for income, multiple socioeconomic and technological factors contribute to households? probability of being unbanked. In particular, they find that low-income households without internet access have a much higher probability of being unbanked than those with internet access.

Suggested Citation

  • Fumiko Hayashi & Sabrina Minhas, 2018. "Who Are the Unbanked? Characteristics Beyond Income," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 55-70.
    • Handle: RePEc:fip:fedker:00066
    DOI: 10.18651/ER/2q18HayashiMinhas
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    File URL: https://www.kansascityfed.org/documents/682/2018-Who%20Are%20the%20Unbanked%3F%20Characteristics%20Beyond%20Income.pdf
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    Citations

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    Cited by:

    1. Shy, Oz, 2020. "Low-income consumers and payment choice," Research in Economics, Elsevier, vol. 74(4), pages 292-300.
    2. Hayashi, Fumiko & Routh, Aditi & Toh, Ying Lei, 2024. "Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?," Journal of Economics and Business, Elsevier, vol. 129(C).
    3. Fumiko Hayashi & Aditi Routh & Ying Lei Toh, 2023. "Which Types of Unbanked Households Are More (or Less) Likely to Open a Bank Account?," Research Working Paper RWP 23-08, Federal Reserve Bank of Kansas City.

    More about this item

    Keywords

    Low income households; Unbanked;

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