Financial Access Challenges for Older Adults
By Joe Valenti In 2017, an estimated 8.4 million households in the United States, representing about 14 million adults, had no checking or savings account at a bank or credit union.1 This figure includes roughly 3.5 million households headed by someone age 50 or older.2 When combining this population—often called the unbanked—with households that have accounts but still use some alternative services such as check cashers or payday lenders, these numbers rise to nearly...