12 Million U.S. Households are Either Superbanked or Unbanked
The American banking industry is an essential part of most Americans’ daily lives, and according to a new study from Scarborough, 10% of American adults are Atypical Bankers – they are either Superbanked or Unbanked.
Scarborough defines Superbanked Consumers as U.S. adults who live in a household that has multiple asset accounts at financial institutions. They make up five percent of American households and specifically, Superbanked Consumers have: a checking, savings, money market account and certificate of deposits (CDs), and at least one of the following investments: stocks or stock options, bonds, mutual funds, money market funds, second home or real estate property and other securities or investments. Unbanked Consumers also make up five percent of American households and they are defined by Scarborough as U.S. adults who live in a household that does not use a bank or credit union.
“This banking study explores Atypical Bankers; revealing where they can be reached and identifying activities and financial services that are important to them,” says Alisa Joseph, vice president of advertiser services for Scarborough. “By understanding the Superbanked and Unbanked Consumers, financial institutions, media companies and marketers can understand the opportunity that exists from both the consumer in need of assistance with their complicated portfolio, as well as the consumer who is not currently engaged with a bank for their money management needs.”
Superbanked Consumers are twice as likely as all U.S. adults to have stocks or stock options and four times as likely to have money market funds. Ninety-three percent of Superbanked Consumers have used any credit card in the past three months and 49% have used online banking in the past 30 days. Forty-four percent of Superbanked Consumers are Baby Boomers* and they are 64% more likely than all U.S. adults to have a college degree or more.
Unbanked Consumers are 11% more likely than all U.S. adults to be women and 38% more likely to be unmarried. Forty-five percent of Unbanked Consumers have children under the age of 18 living in their household and 32% belong to Generation X*. Twenty-three percent of Unbanked Consumers have used any credit card in the past three months and seven percent used a check cashing service in the past year.
Marketers can reach Atypical Bankers in their home towns; the top local markets for Superbanked Consumers are: Fort Myers, FL (7% of residents live in a household that is Superbanked); San Francisco, CA (7%) and Orlando, FL (7%). The top local markets for Unbanked Consumers are Harlingen, TX (17%); Fresno, CA (17%) and Memphis, TN (11%).
*Scarborough defines the different American generations as Generation Y (age 18–29), Generation X (30–44), Baby Boomers (45–64) and the Silent Generation (65+).[Source: Report conducted by Scarborough Research. 17 May 2012. Web. 14 June 2012.]