According to a 2021 study by the Federal Deposit Insurance Corporation (FDIC), 4.5 percent of American households do not have a bank account, and 14.1 percent are considered underbanked. New research being conducted within the Federal Reserve System and in academia looks at existing barriers to financial inclusion and the importance of trust in banking and payments choices.

• Why are people unbanked and underbanked in the US?
• How do we define underserved in digital payments and banking services?
• How does trust affect adoption of and access to digital payments and banking services?
• What do we know about people's trust in financial institutions and nonbanks?

Join us for a FedTalk to better understand these topics. (And before you do, watch, listen, or read the transcript of the first FedTalk we hosted about financial inclusion and the unbanked.)

Speakers

• Paola Boel, Vice President, Federal Reserve Bank of Cleveland
• Terri L. Friedline, Professor of Social Work, University of Michigan
• Fumiko Hayashi, Vice President, Federal Reserve Bank of Kansas City

Moderator

• Lisa A. Nelson, Assistant Vice President, Federal Reserve Bank of Cleveland