Get to know how people use banks today

Highlights from FDIC’s 2023 National Survey of Unbanked and Underbanked Households.

• In 2023, 4.2 percent of U.S. households— representing about 5.6 million households— were unbanked.
• The proportion of U.S. households that were unbanked—the unbanked rate—changed little between 2021 (4.5 percent) and 2023 (4.2 percent).
• However, between 2011—when the unbanked rate was at its highest level since the survey began in 2009—and 2023, the unbanked rate fell by almost half, corresponding to an additional 5.3 million banked households in 2023.

Highlights from CFPB’s Age-Friendly and Relationship Banking Survey.

• 41% of respondents have their primary account with one of the top 10 banks.
• 69% of respondents have their primary account with a bank, 24% with a credit union and 6% with an online-only bank.
• 57% of respondents have banked with their financial institution (FI) for more than 10 years, and 3% for less than 1 year.
• 77% of respondents hold another type of asset with the FI, and 58% have at least one loan or form of credit with the FI.
• 23% of respondents experienced a fraud incident involving their account; another 9% don’t know whether they’ve experienced fraud.

Speakers:

• Yan Y. Lee, Ph.D., Assistant Director, Consumer Research, FDIC Division of Depositor and Consumer Protection
• Jeffrey Weinstein, Ph.D., Senior Financial Economist, FDIC Division of Depositor and Consumer Protection
• Hector Ortiz, Ph.D., Senior Policy Analyst, CFPB Office for Older Americans
• Kate Kramer, JD -- Policy Analyst, CFPB Office for Older Americans