National Disability Institute (NDI) celebrates the release of new data from the FDIC National Survey of Unbanked and Underbanked Households, revealing a 38 percent decrease in the unbanked rate for working-age adults with disabilities from 2017 to 2023. This substantial reduction marks a critical step toward financial inclusion and economic empowerment for individuals with disabilities.
NDI Executive Director, Thomas Foley, JD, emphasized the importance of these findings, stating, “The reduction in the unbanked rate is a significant step toward financial inclusion, opening doors to mortgages, credit and greater economic mobility. This progress highlights that individuals with disabilities are participating in the financial mainstream and are eager to build brighter financial futures for themselves and their families. It’s good for people with disabilities, it’s good for banks and it’s good for the American economy.”
While the national unbanked rate across all demographics has nearly halved from 8.2 percent in 2011 to 4.2 percent in 2023 – equating to more than five million banked households – the gap remains notably wider for people with disabilities. In 2023, the unbanked rate for working-age households with disabilities stood at 11.2 percent, nearly three times that of households without disabilities. Nonetheless, the unbanked rate for this group has declined significantly, decreasing by 38 percent between 2017 and 2023, including a 24 percent drop from 2021 to 2023 alone.
Key Findings:
- Unbanked Households: Working-age households with disabilities continue to face higher unbanked rates, comprising 21.5 percent of all unbanked households in 2023, down from 26.9 percent in 2021.
- Long-Term Decline: Between 2009 and 2023, the unbanked rate for working-age people with disabilities fell from 18.3 percent to 11.2 percent – a 38.8 percent reduction.
- Remaining Barriers: Households with disabilities are still three times as likely to be unbanked and two-fifths more likely to be underbanked. They are also one-fifth less likely to use mobile banking as their primary banking method and more than twice as likely to lack mainstream credit access.
Foley noted, “These findings shine a light on the financial progress we’re making, but they also underscore the work that remains to ensure access for all. As we continue to bridge these gaps, we’ll empower millions of individuals with disabilities to achieve financial stability, build wealth and participate fully in the economy.”
As NDI and its partners strive to advance economic inclusion, these results provide a roadmap to further support financial independence for people with disabilities. Through ongoing collaboration with financial institutions and policymakers, NDI is dedicated to creating a future where every person can participate fully in the U.S. economy.
