Financial Security
Access to Financial Services, by Race/Ethnicity

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Access to Financial Services by Race/Ethnicity, 2015

What does this measure?

The percentage of households that have neither a checking nor savings account (unbanked) or have an account but instead relied on alternative financial services (underbanked) in the past 12 months.

Why is this important?

Having access to and using checking and savings accounts and other financial products can help families save money, plan for the future, and build credit. Rates of underbanked and unbanked households may indicate limited access to resources, especially in low-income communities.

How is our region doing?

Access to financial services was lower among African American and Hispanic residents in the three MetroWest counties than it was for white or Asian residents in 2015. Unbanked or underbanked rates in Middlesex were 46% for African Americans, 39% for Hispanics, 19% for Asians, and 15% for whites. Rates in Norfolk were 42% for African Americans, 32% for Hispanics, 19% for Asians, and 15% for whites. Rates in Worcester were 48% for both African Americans and Hispanics, 21% for Asians, and 17% for whites. These were similar to disparities in Massachusetts and the United States as a whole.

Notes about the data

Underbanked households are those that have a checking and/or a savings account but have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked households have neither a checking nor savings account.


Access to Financial Services by Race/Ethnicity, 2015
AsianBlack or African AmericanHispanicWhite
Massachusetts17%31%24%14%
Middlesex16%31%23%13%
Norfolk16%31%21%12%
Worcester17%32%24%14%

Source: Prosperity Now
Notes: Underbanked: Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked: Percentage of households with neither a checking nor savings account.








INDICATORS TREND
Early Prenatal Care by Mother's Race/Ethnicity Not Applicable
Children Living in Poverty Not Applicable
Children Living in Poverty, by Race/Ethnicity Not Applicable
Single-Parent Families Not Applicable
Single-Parent Families by Race/Ethnicity Not Applicable
Disengaged Youth Not Applicable
Reports of Domestic Violence Not Applicable
Arts, Entertainment and Recreation Establishments Not Applicable
Households Without Vehicles Not Applicable
Means of Transportation to Work Not Applicable
Average Travel Time to Work Not Applicable
Households With Internet Access Not Applicable
Voter Participation Rate Not Applicable
Average Charitable Contribution Not Applicable
Protected Land Not Applicable
Drug Poisoning Mortality Rate Not Applicable
Crimes Against People Not Applicable
Incarceration Rates, by Race/Ethnicity Not Applicable
Change in Total Population Not Applicable
Change in Population by Race/Ethnicity Not Applicable
Foreign-Born Population Not Applicable
Language Diversity Not Applicable
Population by Age Not Applicable
Change in Population by Age/Gender Not Applicable
Seniors Living Alone Not Applicable
People with Disabilities Not Applicable
Change in Total Jobs by Sector Not Applicable
Unemployment Rate Not Applicable
Average Salary by Sector Not Applicable
High-Tech Jobs Not Applicable
Female to Male Earnings Ratio Not Applicable
Prekindergarten Participation Not Applicable
Student Performance on Grade 3 English, by Student Subgroup Not Applicable
Chronically Absent Students Not Applicable
High School Cohort Graduation Rate by Student Group Not Applicable
Education Levels of Adults Not Applicable
Education Levels of Adults, by Race/Ethnicity Not Applicable
People Living in Poverty Not Applicable
People Living in Poverty, by Education Level Not Applicable
People Living in Poverty, by Race/Ethnicity Not Applicable
Household Receiving Temporary Assistance Not Applicable
Participation in Food Assistance by Race/Ethnicity Not Applicable
Median Household Income Not Applicable
Median Household Income, by Race/Ethnicity Not Applicable
Living Wage Not Applicable
80/20 Income Ratio Not Applicable
Access to Financial Services, by Race/Ethnicity Not Applicable
Homeownership Rates Not Applicable
Homeownership Rates, by Race/Ethnicity Not Applicable
Cost of Homeownership Not Applicable
Cost of Rent Not Applicable
Homelessness Not Applicable


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