Map showing the location of the underbanked population. Source: Shutterstock.

A huge challenge facing the nation's low- and moderate-income residents is their lack of access to financial institutions such as banks and credit unions. Studies have shown that low-income individuals and families are more than six times as likely as others to be unbanked or underbanked, with younger consumers in particular tending to rely on non-traditional financial options.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.