Brief Where Are the Unbanked and Underbanked in New York City?
Caroline Ratcliffe, Signe-Mary McKernan, Emma Cancian Kalish, Steven Martin
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Nationwide, millions of Americans operate outside the formal financial sector and are unbanked or underbanked. This brief provides information on the banking status of New York City residents. Using model-based predictions, we find that 360,000 New York City households (11.7 percent) were unbanked and another 780,000 New York City households (25.1 percent) were underbanked in 2013. We also examine New Yorkers’ use of prepaid cards, which can be an alternative to traditional bank accounts.
Research Areas Wealth and financial well-being Neighborhoods, cities, and metros Families Social safety net
Tags Asset and debts Economic well-being Family and household data Financial products and services Opportunity and ownership Community and economic development
Policy Centers Center on Labor, Human Services, and Population