The percentage of families earning $ per year or less who reported that they have no bank account increased between 2007 and 2009 such that more than one in four families was unbanked.
Families slightly further up the income distribution, earning between $ and $ per year, are also financially marginalized: 13 percent report being unbanked and almost 24 percent report being underbanked.16 This combination of economic insecurity and financial marginalization has incentivized more low- and moderate-income families to seek out alternative financial service providers to meet their financial needs.