US unbanked households reached a record low of 4.5% in 2021

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The data: In 2021, the amount of unbanked households in the US reached its lowest stage given that Federal Deposit Insurance Corporation (FDIC) began conducting the biennial Survey of Unbanked and Underbanked Households.

Financial assist was the necessary factor driver: The survey revealed that 4.5% (5.9 million) of US households didn’t have a checking or monetary financial savings account in 2021. This share is the underside amount recorded given that survey first began in 2009.

The analysis found that one of the precept drivers behind this share was residents opening accounts to acquire financial assist by the pandemic.

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