Who Remains Unbanked in the United States and Why?

Paul Calem, Christopher Henderson and Jenna Wang

AEA Papers and Proceedings, 2026, vol. 116, 294-298

Abstract: This paper examines factors associated with unbanked status among US households from 2015 to 2019 using FDIC survey data with fixed effects and multilevel modeling. With rising incomes reducing unbanked percentages overall, unbanked status became more concentrated among single and disabled individuals and noncitizens, less concentrated among younger households, and less strongly tied to unemployment. Digital access limitations and lower (state-level) financial literacy became more closely associated with unbanked likelihood. These findings suggest that addressing the digital divide and enhancing financial literacy could promote inclusion. However, unexplained structural factors persist, particularly regarding racial and ethnic gaps, indicating need for more granular data.

JEL-codes: D12 G21 G51 J15 R23 (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1257/pandp.20261007

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