Policy document
July 6th 2018

Where Are the Unbanked and Underbanked in New York City?

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Urban Institute
Urban Institute
https://www.urban.org Flag of usa USA

The Urban Institute is a Washington D.C.-based think tank that carries out economic and social policy research to "open minds, shape decisions, and offer solutions".
Caroline Ratcliffe, Steven Martin, Signe-Mary McKernan and Emma Cancian Kalish
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.

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Language: eng
25 pages

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Identifiers

Overton ID
urbaninstitute-b6f4f34c7d947c58bef00f5e4ec1616a

Topics in this document

Federal Deposit Insurance Corporation Concourse, Bronx Payday loan American Community Survey Fee Economy Finance Service industries Banking Money Financial services Poverty New York City Unbanked Boroughs of New York City Queens Brooklyn Access to finance The Bronx Bank Saving Fresh Meadows, Queens Bayside, Queens Research Flushing, Queens Canarsie, Brooklyn Automated teller machine East New York, Brooklyn Overdraft United States

Related SDGs

SDG 1: No Poverty
SDG 1: No Poverty

Target 1.4

Ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance

Related COFOG Divisions

4: Economic Affairs 4.1: General Economic, Commercial, and Labour Affairs

Citations

Cited by 38 other policy documents (35 of them are from other policy sources)