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Financial inclusion means being able to access and effectively use financial services that are safe, affordable, and suited to your needs—not merely having an account on paper. In the United States, it spans transaction accounts, credit, useful financial information, consumer rights, and ways to resolve problems. Whether someone is counted as unbanked also depends on the survey and who it measures.
What does financial inclusion mean in the US?
Financial inclusion is a broad policy and practical goal, not one uniform US legal measure. It asks whether people can reach and use relevant financial products and services on workable terms. That can include checking and savings accounts, payments, credit, financial education, clear information, and recourse when a financial service causes a problem.
The U.S. Department of the Treasury’s October 2024 National Strategy for Financial Inclusion describes its purpose as “a set of objectives and recommendations designed to expand access to safe and affordable financial products and services for all Americans.” The strategy also discusses disparities in credit access and cost, consumer-permissioned alternative information that might inform underwriting, and unbiased, clear financial information and consumer recourse. These are recommendations and objectives, not guarantees that a lender uses particular data or that a policy has been implemented everywhere.
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How do unbanked and underbanked differ?
“Unbanked” generally describes someone or a household without a qualifying bank or credit union account, while “underbanked” describes a banked household that also uses certain nonbank services. Those terms are not interchangeable, and agencies use different operational definitions.
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- Federal Reserve SHED adult measure: An adult is counted as unbanked if neither the adult nor their spouse or partner has a checking, savings, or money market account.
- FDIC household measure: A household is unbanked if no one in it has a checking or savings account at a bank or credit union.
- FDIC underbanked measure: A household has a checking or savings account but used at least one of eight specified nonbank financial services in the previous 12 months. The services include check cashing and money orders, as well as payday, pawn, auto title, rent-to-own, and tax refund anticipation loans.
The CFPB’s consumer glossary uses a related plain-language description: unbanked households lack a checking or savings account at an FDIC- or NCUA-insured institution; underbanked households have an account but also use an alternative service such as payday lending, check cashing, or a pawn loan. For statistics, use the originating survey’s own wording rather than assuming the glossary definition is identical to every survey’s method.
How many people in the US are unbanked?
The latest figures in these cited federal surveys cover different populations and reference years. Federal Reserve figures are adult measures; FDIC figures are household measures. Their percentages should not be compared as if they were calculated on the same basis.
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| Source and release | Population and reference year | Finding |
|---|---|---|
| Federal Reserve Board, 2025 SHED report | Adults in 2024; unbanked means neither the respondent nor their spouse or partner had a checking, savings, or money market account | 6% of adults were unbanked |
| FDIC, 2024 survey | US households in 2023; unbanked means no household member had a checking or savings account at a bank or credit union | 4.2%, or an estimated 5.6 million households, were unbanked |
| FDIC, 2024 survey | US households in 2023; underbanked means banked but used at least one specified nonbank service in the prior 12 months | 14.2%, or an estimated 19.0 million households, were underbanked; 81.6% were fully banked |
Within the Federal Reserve’s 2024 adult measure, the reported unbanked rate was 22% for adults with family income below $25,000 and 1% for those with family income of $100,000 or more. The reported rates were 13% for Black adults, 12% for Hispanic adults, and 3% for White adults. They were 12% for adults with a disability and 5% for adults without a disability. These are observed differences in survey rates; they do not establish why the gaps exist.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesThe same Federal Reserve report found that 11% of adults with a bank account paid an overdraft fee in the preceding 12 months in 2024. That is one reason account ownership alone does not show whether banking is affordable or working well for a person.
How can I tell whether a financial service is useful and affordable?
For a transaction account, look past the opening offer and check the terms that affect ordinary use. A low-cost account may still be a poor fit if it lacks a way to receive income, make routine payments, or access cash where you live.
- Fees and balance rules: Check monthly charges, minimum opening deposits, minimum-balance requirements, and ways to avoid fees.
- Overdraft treatment: Find out whether transactions can overdraw the account, what fees may apply, and whether an overdraft service is optional.
- Everyday transactions: Confirm access to deposits, withdrawals, transfers, debit or prepaid card transactions, and cash in locations convenient to you.
- Payments and digital access: Check whether online bill pay and account access are available, and whether any service has separate fees or limitations.
- Eligibility and access needs: Review identification, application, language, disability-access, and other requirements with the institution. Do not assume that another person’s experience guarantees your eligibility.
Bank On, a platform of the Cities for Financial Empowerment Fund, offers a starting point for finding accounts that meet its national account standards. Its stated goal is to help ensure access to a safe and affordable bank or credit union account. Certification is a screening aid, not a promise that every certified account is available locally or right for every person. Check the institution’s current disclosures and confirm availability before applying.
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Where can I look for community financial services?
A Community Development Financial Institution (CDFI) is a Treasury-certified, mission-driven institution that serves low-income communities or people with limited access to financing. CDFIs include banks, credit unions, loan funds, and venture capital funds, so their services differ. Some provide banking or lending; some offer financial education or counseling. The CDFI Fund does not lend directly to individuals.
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- Use Treasury CDFI information, including its certified-institution resources and award database, to identify organizations to contact.
- Ask each institution whether it serves your location and whether you meet the eligibility rules for the specific account, loan, or service you need.
- Compare the actual costs, repayment terms, and requirements. If you need education or counseling, ask whether it is offered and whether it is free or paid.
A certification or directory listing does not establish that a particular organization offers a particular service to every applicant. Confirm details directly with the institution.
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What should readers take from US financial inclusion measures?
Use statistics with their survey year, population, and definition attached: the Federal Reserve’s cited SHED figures count adults under an adult-plus-spouse-or-partner account test, while FDIC’s figures count households using household-level definitions. For an individual seeking a better option, the practical questions are whether an account or service is accessible, affordable in routine use, and suited to their needs—and whether local community institutions offer relevant support.
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