The purpose of the study was to conduct a segmentation analysis of underbanked and unbanked consumers based on attitudes, behaviors and experiences relative to both formal and informal financial services, products, and institutions. Four industry leaders co-sponsored the study with the Financial Health Network: Citi, Fidelity National Information Services, H&R Block, and MasterCard. The study was executed by Experian Consumer Research.
The national study included 2,799 underbanked adults 18 or older. The results have been weighted back to the U.S. population proportionally, ensuring national representation. Underbanked is defined as “may have current checking account and/or current savings account if individual made one or more non-bank financial transactions in the past 30 days.” Unbanked is defined as “no current checking account and no current savings account.” We use the word underbanked to include un- and underbanked.
