In 2015 at the National Disability Institute’s summit on the
Americans with Disabilities Act, Chairman Gruenberg shares key FDIC
data on the banking practices of people with disabilities and
announces a partnership with the NDI to help improve their access to
banking services.
Until recently, little was known about the banking status of
households headed by people with disabilities. Are many such
households unbanked? Do they use mainstream banking services? Would
they benefit from access to mobile financial services?
At a July 22nd summit hosted by the National Disability
Institute (NDI) commemorating the 25th anniversary of the Americans
with Disabilities Act (ADA), Chairman Martin Gruenberg shared FDIC
research findings that shed light on the banking practices of this
segment of the population.
Citing data from the FDIC 2013 National Survey of Unbanked and
Underbanked Households, conducted jointly with the U.S. Census
Bureau, Chairman Gruenberg said that “households headed by
individuals with a disability . . . are less likely than the general
population to have a bank account, and more likely to use
alternative financial services even when banked.” In addition, he
noted: “For households headed by a working-age individual with a
disability, one in six (18.4 percent) are unbanked and more than one
in four (28.1 percent) are underbanked. In short, nearly half (46.5
percent) of these households rely on providers outside of the
financial mainstream for some or all of their financial services.”
As a benchmark, according to the 2013 survey, 7.7 percent (1 in 13)
of households in the United States were unbanked in 2013, and 20.0
percent of U.S. households (24.8 million) were underbanked.
Noting that the FDIC’s focus is ensuring that all consumers have
access to a banking relationship with an insured depository
institution, Chairman Gruenberg pointed out that “one in five
unbanked households in the United States (20.8 percent) is headed by
a working-age individual with a disability.”
Turning to mobile banking, he said that the findings offer
“intriguing possibilities for helping to expand economic inclusion.”
Households headed by individuals with disabilities are less likely
to use mobile banking, he said, observing that “less than 40 percent
report having a smart phone.” Moreover, he added, “Even among banked
households, those headed by an individual with a disability were
only half as likely to use
mobile banking relative to others (14 versus 30 percent). This
difference suggests an opportunity to learn whether and how mobile
technology can be better used as a tool for financial inclusion for
individuals with disabilities.”
At the conclusion of his remarks, Chairman Gruenberg announced that
the NDI has agreed to help the FDIC find ways to improve access to
banking services. “To this end, at the fall meeting of our Advisory
Committee on Economic Inclusion, a panel will be convened to
identify additional opportunities for financial institutions to
better serve individuals with disabilities. This will be a focus and
priority for the FDIC going forward,” he said.
The above was in the FDIC Office of Communications’ publication at
https://www.fdic.gov/retiree/fdicnews/2015-09.pdf.
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