We Don't Do Banks: Financial Lives of Families on Public Assistance

The New America Foundation authored this paper, which provides information on the “unbanked” population and how to help increase the use of bank accounts for low-income households. Recent data from the Federal Deposit Insurance Corporation (FDIC) showed that nine million Americans do not have a checking or savings account and spend hundreds of dollars making financial transactions. Researchers conducted a qualitative study of the financial attitudes and behaviors of individuals currently receiving TANF, focusing on how they manage their money. The author concludes with findings that could impact policy and practice and helping to support these individuals in becoming banked.