23% of low-income Americans are living without a bank account
“Even as many Americans go cashless, some don’t have the option to choose that lifestyle. About 6% of Americans were unbanked in 2023, meaning they’re living without access to any traditional financial services such as savings accounts, credit cards or personal checks, according to data from the Federal Reserve. This share of the population grows to 23% when only considering people making less than $25,000.”