Where are the Unbanked and Underbanked in New York City?
Author: Caroline Ratcliffe, Emma Kalish, Signe-Mary McKernan, Steven Martin
Topic: Financial inclusion
Publisher: Urban Institute
Location: United States
Format: Report
Content Type: Research
Publication Date: September 30, 2015
This brief and an accompanying interactive map were commissioned by the New York City Department of Consumer Affairs’ Office of Financial Empowerment. The brief provides information on how many New Yorkers are unbanked and underbanked, recognizing their links to financial health. It also illustrates New Yorkers’ use of prepaid cards. Prepaid cards provide much of the same functionality as bank accounts, so they can be used as an alternative. We look at the city as a whole as well as separately in the five boroughs and 55 neighborhoods. This local look provides new neighborhood information to a field where national statistics dominate.
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