About Consumer Analytic Insights
The Consumer Analytic Insights series from the FDIC’s Division of Depositor and Consumer Protection focuses on opportunities to expand and support Americans’ participation in the nation’s financial system and other consumer finance matters
April 2024
Single Parents: Financial Resilience, Banking, and Mobile Technology
by Yazmin Osaki and Susan Burhouse
Most unbanked households in the United States are “cash only,” meaning they use neither prepaid cards nor nonbank payment apps. These households must rely primarily on in-person cash transactions and thus are at risk of theft or loss when handling their day-to-day finances. Going forward, the cash-only unbanked may find it increasingly difficult to participate in the formal economy as the U.S. financial system evolves toward a more digital infrastructure. Economic inclusion strategies targeted toward the cash-only unbanked should focus on building trust in banks and demonstrating the value of a bank account, as this population appears to be especially disconnected from the mainstream banking system.