The study
finds underbanked consumers make financial decisions differently
than mass market customers, strongly emphasizing intangibles
such as respect, trust, safety, security, and a sense of
belonging.
The study finds underbanked consumers make financial decisions
differently than mass market customers, strongly emphasizing
intangibles such as respect, trust, safety, security, and a
sense of belonging. Yet they can also be segmented along more
traditional lines, such price and convenience. Among the study’s
other findings:
• These consumers cash an average of 20 checks a year, with an
average check size of $452.
• A majority are very open to having a relationship with a bank
or credit union.
• More than 60 percent of those surveyed have a checking account
and 45 percent have a savings account. Of those who do not have
such accounts, 30 percent said they would like to open a
checking account in the next year, and 39 percent would like to
open a savings account.
• Although fewer currently have other financial products, many
hope to have a retirement account (51 percent), CDs (50
percent), college account (50 percent), or loan (36 percent)
within five years.
