Improving the Financial Health of Mississippians
January 28th, 2011
According to research from the Federal Deposit Insurance Corporation (FDIC), over 40 percent of Mississippians are unbanked or underbanked. This research was presented at an event earlier this week held by the Federal Reserve Bank of Atlanta, the Mississippi Development Authority, and the University of Southern Mississippi to discuss ways to improve the financial health of Mississippians.
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Unbanked and Underbanked Residents in Mississippi Compared to the United States
Residents who are unbanked do not have a checking account and those considered underbanked have a checking or savings account but rely on alternative financial services. The unbanked and underbanked are more at risk of using alternative financial services that are “asset busters” like payday lending.
Participants discussed alternatives to payday lending. Participants also discussed ways that financial institutions can be more friendly to unbanked consumers, including consumer education and providing products that compete with alternative financial services but without the high cost to families and communities.
Source:
FDIC National Survey of Unbanked and Underbanked Households, December 2009
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