Compared to Distribution

an indicator guage with the arrow in the green the value is in the best half of communities.

an indicator guage with the arrow in the yellow the value is in the 2nd worst quarter of communities.

an indicator guage with the arrow in the red the value is in the worst quarter of communities.

Compared to Target

green circle with white tick inside it meets target; red circle with white cross inside it does not meet target.

Compared to a Single Value

green diamond with downward arrow inside it lower than the comparison value; red diamond with downward arrow inside it higher than the comparison value; blue diamond with downward arrow inside it not statistically different from comparison value.

Trend

green square outline with upward trending arrow inside it green square outline with downward trending arrow inside it non-significant change over time; green square with upward trending arrow inside it green square with downward trending arrow inside it significant change over time; blue square with equals sign no change over time.

Compared to Prior Value

green triangle with upward trending arrow inside it higher than the previous measurement period; green triangle with downward trending arrow inside it lower than the previous measurement period; blue equals sign no statistically different change from previous measurement period.

green chart bars Significantly better than the overall value

red chart bars Significantly worse than the overall value

light blue chart bars No significant difference with the overall value

gray chart bars No data on significance available

Underbanked Households

Measurement Period: 2021

Filter: none (all Counties)

This indicator shows a percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months.

Why is this important?

Underbanked households describes the percentage of households that have a mainstream account but use alternative and often costly financial services for basic transaction and credit needs. In the previous year, approximately 68% of underbanked households used non-bank money orders and 18% used check-cashing services, meaning they spent a significant amount on services for which most Americans pay little to nothing.

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