Report: Fresno adults rank among most unbanked
- Published on 05/18/2012 - 1:38 pm
- Written by Business Journal staff
A new report shows Fresno falling in line with 10 cities with the most residents who don't keep their money in a bank or credit union.
The report by Scarborough Research provides an analysis on the ten percent of American adults that are atypical bankers—either superbanked with multiple asset accounts at financial institutions or unbanked with no financial accounts.
According to the report, roughly 5 percent (11.3 million) of adults in the U.S. are superbanked while another 5 percent (12.2 million) are unbanked.
Fresno came in second on the list of unbanked cities with 17 percent of its adult population without a bank or credit union. Fresno adults were 226 percent more likely than all U.S. adults to be unbanked.
Bakersfield residents, with 10 percent unbanked, were 94 percent more likely to go without a bank or credit union, while Los Angeles (9 percent unbanked) were 94 percent more likely.
Harlingen, Tex. topped the list at 237 percent more likely to go unbanked while New Orleans came in at number 10 with 48 percent more likely.
Fort Myers, Fla. headed up 10 cities most likely to be superbanked with adults 53 percent more likely to have multiple accounts. It was followed by San Francisco with 49 percent more likely to be superbanked.
Among those superbanked, 93 percent use credit cards, 49 percent use online banking and 44 percent use a credit union. They are also four times more likely than all adults to have money market funds and two times more likely to have stocks or stock options.
Among those unbanked, 55 percent have health insurance, 24 percent have life insurance and 23 percent use credit cards. As well, they are 31 percent more likely than all U.S. adults to look for a job in the next 12 months while 9 percent plan to go back to school in the next 12 months.
The reports also includes finding about the likely age, education, race, incomes, media choices and spending patterns of atypical bankers.