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Household Survey

2015 FDIC National Survey of Unbanked and Underbanked Households

The 2015 household survey results show that more than one in four households (26.9 percent) are either unbanked or underbanked, conducting some or all of their financial transactions outside of the mainstream banking system. Many of these households rely on alternative financial services (AFS) providers, while others use cash or other financial arrangements.

2015 Survey Results

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Key Findings and Implications from the 2015 Survey

Key Findings

  • 7.0 percent of U.S. households were unbanked in 2015. This proportion represents approximately 9.0 million U.S. households composed of 15.6 million adults and 7.6 million children.
  • 19.9 percent of households in the U.S. were underbanked in 2015, meaning that the household had a bank account but also obtained a financial service or product outside the banking system. This proportion represents approximately 24.5 million U.S. households composed of 51.1 million adults and 16.3 million children.
  • The unbanked rate in 2015 was down 0.7 percentage points from 2013 (7.7 percent) and was lower than in any of the prior years of the survey.
    • Approximately half of the decline in the unbanked rate from 2013 to 2015 can be attributed to improvements in the socioeconomic circumstances of U.S. households. After accounting for these changes, the remaining decline in the unbanked rate across years was statistically significant.
  • About one in five U.S. households (20.9 percent) had income that varied somewhat or a lot from month to month (over the past 12 months).
    • Unbanked and underbanked rates were higher for households with volatile income.
    • Even among households with higher levels of income, unbanked and underbanked rates were higher when that income was volatile.
  • 55.8 percent of unbanked households thought that banks were not at all interested in serving households like theirs, compared to 16.6 percent of underbanked households and 12.0 percent of fully banked households.
  • Use of online and mobile banking to access accounts increased substantially from 2013 to 2015, while use of bank tellers decreased.
    • Among banked households that accessed their accounts, use of online banking grew from 55.1 percent in 2013 to 60.4 percent in 2015, and use of mobile banking increased from 23.2 percent in 2013 to 31.9 percent in 2015.
    • Use of bank tellers fell from 78.8 percent in 2013 to 75.5 percent in 2015. Bank teller use remained prevalent, particularly among lower-income households, less-educated households, older households, and households located in rural areas.
  • Prepaid card use in the past 12 months increased from 7.9 percent in 2013 to 9.8 percent in 2015. Consistent with earlier survey results, use of prepaid cards was most prevalent among unbanked households.
    • 27.1 percent of unbanked households used prepaid cards in 2015, compared to 15.4 percent of underbanked households and 6.9 percent of fully banked households.
  • 56.3 percent of households saved for unexpected expenses or emergencies in the past 12 months. Unbanked households saved at a much lower rate than underbanked and fully banked households.
    • 20.2 percent of unbanked households saved, versus 55.2 percent of underbanked households and 60.0 percent of fully banked households.
    • For unbanked households that saved, the most frequently chosen methods were in the home, or with family or friends, and prepaid cards. For underbanked and fully banked households that saved, the most frequently chosen methods were savings accounts and checking accounts.
  • Most households had bank credit (credit card or personal loan or line of credit from a bank), though a significant share of households used nonbank credit.
    • 67.9 percent of households had bank credit, and 63.8 percent of households only had bank credit.
    • 8.2 percent of households used nonbank credit. About half of these households had a mix of bank and nonbank credit (4.0 percent), and the other half (4.1 percent) only had nonbank credit.
    • The remaining 28.0 percent of households did not use any of the credit products asked about in the survey.
  • Most unbanked households went outside the banking system to pay bills and receive income in a typical month. Underbanked households used banks extensively for this purpose, although they also widely used other methods, particularly for bill pay.
    • A majority (62.3 percent) of unbanked households used cash to pay bills in a typical month, and 35.5 percent used nonbank money orders. The most prevalent method of receiving income among unbanked households was paper check or money order (42.1 percent), followed by cash (22.8 percent).
    • Among underbanked households, 92.7 percent paid bills using a bank, primarily by electronic payment from a bank account (62.3 percent), personal check (55.3 percent), or debit card (56.2 percent). Other methods used by underbanked households to pay bills included cash (27.7 percent) and nonbank money orders (25.6 percent). Overall, 54.3 percent of underbanked households paid bills using only banks.
    • The most prevalent method used by underbanked households to receive income, by far, was direct deposit into a bank account (82.0 percent).

Implications

The survey results presented in this report show a 0.7 percentage point reduction in the unbanked rate between June 2013 and June 2015, with roughly half of the decline attributable to improvements in the economic circumstances of U.S. households. The unbanked rate fell for many groups that had high unbanked rates in 2013. However, unbanked rates for these groups remain substantially higher than the overall unbanked rate in 2015. Below, the report concludes with a discussion of opportunities to increase the use of mainstream banking services by unbanked and underbanked households.


1 See the FDIC Model Safe Accounts Template.

2 In focus groups conducted by the FDIC in 2015, some consumers who used mobile financial services reported that mobile alerts and monitoring tools helped them reduce fees, better track their finances, and improved on-the-spot decision making. See “Opportunities for Mobile Financial Services to Engage Underserved Consumers Qualitative Research Findings,” May 25, 2016, and “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

3 See “Opportunities for Mobile Financial Services to Engage Underserved Consumers Qualitative Research Findings,” May 25, 2016.

4 Estimates are from the 2013 Survey of Consumer Finances.

5 In interviews conducted by the FDIC in 2015, some banks discussed using low-fee savings accounts as gateway products into the banking system for unbanked consumers. See “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

6 In some cases, banks may not be able to meet the credit needs of households that did not fall behind on bills, because of credit risk associated with previous negative credit events or high debt-to-income ratios.

7 In interviews and focus groups conducted by the FDIC in 2015, many consumers said that they were unaware of bank products and services that provide alternatives to nonbank providers. Similarly, many banks said it was essential to have a marketing and communication strategy to make consumers aware of these offerings. See “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

8 See “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

9 Ibid.

10 In interviews conducted by the FDIC in 2015, some banks discussed working with established, trusted partners in their local communities to build trust and educate unbanked and low-and-moderate income consumers about banking services. For examples of this and other strategies, see “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

Last Updated: October 25, 2022