White House Report: Financial Inclusion on the Rise

Tuesday, June 14, 2016

Financial inclusion has been on the rise across all demographics and geographies over the last two decades, according to a report published by the White House Council of Economic Advisors today. From 1989 to 2013, the percentage of U.S. households with bank accounts climbed from 86 percent to 93 percent, and the percentage of households in the bottom income quintile who had bank accounts increased from 56 percent to 79 percent.

Among minorities — including Hispanics and non-whites — the number of banked households increased from 65 percent to 87 percent.

Source: ABA Banking Journal (link opens in a new window)

financial inclusion, fintech