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Many Low-To-Moderate Income Americans Still Not 'Banked' Despite Numerous Financial Options Available
September 5th, 2008
A new study shows that nearly one-third of low-to-moderate income (LMI) Americans are either unbanked (holding no basic bank account) or underbanked (having a basic bank account and yet relying on less sophisticated methods for everyday transactions such as check-cashing). This problem is particularly acute for LMI Hispanics, 53% percent of whom are either unbanked or underbanked. Only 23% of non-Hispanics fall into this category. The latest Americanos Poll(R), a collaboration between market research firm Encuesta, Inc. and microlender ACCION USA, sheds light on the financial attitudes and behaviors of U.S. low-to-moderate income individuals, with special focus on the...
Source: Health Business Week (2008-09-05)
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