I’m learning more and more about the “unbanked” and “underbanked” citizens in our community. From September 2012:
The percentage of households in the St. Louis region that are ‘unbanked’ rose to an estimated 9.7 percent in 2011, according to a survey released by the Federal Deposit Insurance Corp. Wednesday, an increase from 7.6 percent in 2009, when the survey was last conducted.
The percentage of unbanked African-American households soared to 29 percent locally, among the highest rates in the nation, though down slightly from the last survey.
Nationally, 8.2 percent of U.S. households, or about 10 million, are unbanked, an increase of about 821,000 households since 2009. (stltoday)
A year ago a local effort was made to spread good financial literacy:
Financial institutions, community based organizations, social service and faith based agencies, community leaders, local and state officials, advocacy groups and grassroots members formed to create the St. Louis Regional Unbanked Task Force. The Task Force’s mission is to identify and address systemic and individual barriers that prohibit unbanked and under-banked households from utilizing traditional banking products and services. The Task Force is using data from sources such as the FDIC, Neighborhood Data Gateway, and data collected by individual member banks in a variety of ways: to understand and educate people about the need, to help set goals for the number of unbanked households who will open and maintain new accounts, to target marketing and outreach initiatives, and to measure their progress. The Task Force’s first major initiative, driven by data about the specific needs of the unbanked and underbanked in the St. Louis region, will be BANK-On SAVE-Up, which is launching February 21, 2013. (source)
The Bank On Save Up St. Louis program
Which brings me to the poll this week:
Q: Not everyone uses all available financial tools, which of the following do you use? (check all that apply):
- Checking account at brick & mortar bank
- Checking account at brick & mortar credit union
- Checking account online
- Savings account at brick & mortar bank
- Savings account at brick & mortar credit union
- Savings account online
- Investment portfolio
- Retirement account through employer
- Credit card(s) paid each month
- Credit card(s) with a balance each month
- Debit card(s)
- None: no checking, savings, debit, credit, portfolio
The poll is in the right sidebar, the answers will be presented in random order.