Access to Financial Services, Savings, and Assets Among the Poor

Low-income families have an ongoing need for financial services to save money and build assets. The National Poverty Center at the University of Michigan authored this report on access to financial services for low-income families, as low-income families are typically financially underserved. Authors analyze the financial constraints and choices of low-income families around financial services. Authors also offer policy recommendations to distribute financial services to this population. Low-income populations are more likely to be unbanked due to financial institutions requiring credit checks to open an account, and having high minimum account balances and high overdraft fees. Savings and asset accumulation can often be key to promoting economic self-sufficiency for this population, and it is important to extend financial services and education to low-income families. For more information, please see: http://www.npc.umich.edu/publications/policy_briefs/brief13/PolicyBrief13.pdf