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30% Of Us Have No Savings Account

The FDIC is out with some shocking numbers on how many people have slipped through the cracks of the banking system.

If you don’t think this is your problem, remember that people who have no bank accounts tend to be a drain on government coffers.

That’s why the figure on how many people don’t have a savings account is so troubling.

According to the FDIC National Survey of Unbanked and Underbanked Households, 29.3% of U.S. households have no savings account.

That’s millions of people who aren’t putting money away in case of emergency or for retirement.

About 10% of all households have no checking account.

Overall, more than one in four households are unbanked or underbanked, according to the FDIC.

An unbanked household owns no kind of deposit account, while underbanked households have a bank account but also “rely” on financial services like money orders and check-cashing from nonbank institutions.

You are more likely to be unbanked or underbanked if you’re black or Hispanic, foreign-born or if you live in a household headed by an unmarried woman. Unemployment also plays a significant role.

The FDIC survey found the most common reason why households don’t have a bank account is that they don’t think they have enough money for a bank account or they don’t want one.

It’s worth repeating: They don’t have enough money for a bank account.

That’s an interesting and troubling revelation on the same day the U.S. Census revealed median household income in the U.S. dropped for the second consecutive year. It’s now $50,054.

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Comments (2)
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2 Existing Comments
  1. John Singer said:
    on September 14th at 03:55 am

    When you are earning less than one percent on your savings, why put it in a bank? Under the mattress is just as good and is available 24/7.

  2. A.Bundy said:
    on September 14th at 03:09 pm

    What john said! when Chase chases you out, then you know its bad. earning a whole dollar interest year on $50k = worthless bank.