Study Finds ‘Underbanked’ Households Are Leading the Way in Crypto Ownership, According to FDIC Report

Key Takeaways:

  • 💸 14.2% of U.S. households are underbanked
  • 📈 Over 6% of underbanked households own digital currencies
  • 📊 1 in 8 shoppers using buy-now-pay-later (BNPL) services have missed payments
  • 🏦 Disparities in banking access still prevalent among different demographic groups

The Rise of Cryptocurrency Ownership Among Underbanked Households

A recent report by the FDIC has shed light on the growing interest in cryptocurrency among underbanked households in the United States. The report reveals that 14.2% of households in the U.S. are considered underbanked, meaning they have limited access to traditional banking services. Interestingly, over 6% of these underbanked households have turned to digital currencies as a way to manage their finances.

The study also shows that these underbanked households are more likely to own cryptocurrencies compared to their fully banked counterparts. This finding highlights a trend where individuals without access to traditional banking services are seeking alternative financial solutions, such as digital assets.

In addition, the report points out that disparities in banking access are still prevalent among different demographic groups. This underscores the importance of addressing financial inclusion and providing equal opportunities for all individuals to participate in the financial system.

Another key insight from the report is that 1 in 8 shoppers using buy-now-pay-later (BNPL) services have missed payments. This indicates a potential financial strain among consumers who rely on these payment methods, further emphasizing the need for a comprehensive and inclusive financial system for all individuals.

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