Beyond Banks: Trust among the Financially Underserved

Paola Boel, Daniela Puzzello and Peter Zimmerman

AEA Papers and Proceedings, 2026, vol. 116, 299-304

Abstract: In 2023, over 18 percent of US households were financially underserved. Prior work identifies mistrust in banks as an important factor, but it is unclear whether this mistrust is unique to banks. To address this, we surveyed underserved individuals in the United States. We elicited their levels of trust in various institutions, including banks, government entities, and alternative payment providers. We identify three dominant components of the trust scores: broad-scope trust, concerns about traditional financial institutions, and preference for a physical business presence. We explore how sociodemographic characteristics, including income, age, education, race, and political affiliation, affect these components of trust.

JEL-codes: D12 D72 G21 G51 J15 (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1257/pandp.20261008

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