EditorвЂ™s note: here is the 2nd web log in a series targeted at knowing the exactly what, where, why, and exactly how of unbanked and underbanked households.
This is the blog post for you if you love maps. If you would like numbers, listed below are two essential ones: seven and 20.
In final monthвЂ™s feature from the unbanked and underbanked, we defined just what the terms mean: unbanked and underbanked households reside outside the mainstream that is financial depending on varying examples of high priced alternative financial services like pay day loans or check cashers.
But where are these households that are underserved? Are unbanked communities additionally underbanked?
To answer those concerns, letвЂ™s focus on seven. Nationwide, about seven per cent of households are unbanked. But that populace of unbanked households just isn’t evenly distributed over the states. Associated with the unbanked states, Louisiana gets the percent that is highest of unbanked households at over 13 %. By comparison, just 1.5 % of households in Vermont are unbanked.
The states with the highest unbanked population are concentrated in the southern half of the country as the below map shows. Every state that has a higher than average proportion of unbanked households lies south of the Mason-Dixon line with the exception of New York and California.