About 6% of American adults are “unbanked,” meaning they don’t have a checking, savings, or money market account. This percentage stayed level in 2022 and 2023, according to data from the Federal Reserve.
The Fed notes that accessing banking services can be important for a person’s financial well-being. The Federal Deposit Insurance Corporation (FDIC) encourages banking on the basis of financial safety, protection from scams and fraud, and convenience.
