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A Financial Snapshot of Americans in 2017

By Cristina Rivero, POLITICO Pro DataPoint

Source: Board of Governors of the Federal Reserve System Report on the Economic Well-Being of U.S. Households in 2017

The Board of Governors of the Federal Reserve System reports in its Survey of Household Economics and

Decisionmaking that nearly 30 percent of all respondents earned less than $25,000 of family income during

2017. Over half of those receiving financial support from family and friends are using it for general expenses.

More than three-quarters have bank accounts, and less than half carry a balance on their credit cards.

Family income distribution

Banking status

By income

By education

By race/ethnicity

Financial support received from someone outside of the home

May 24, 2018

$0 5%

$1 to $4,999 7%

$5,000 to $14,999 7%

$15,000 to $24,999 8%

$25,000 to $39,999 11%

$40,000 to $49,999 8%

$50,000 to $74,999 16%

$$75,000 to $99,999 11%

$100,000 to $149,999 13%

$150,000 or higher 13%

Money for general expenses

UNBANKEDDo not have checking, savings or money market account

FULLY BANKED: Have checking, savings or money market account and have not used an alternative financial service in the past year

UNDERBANKEDHave bank account but

also use alternative financial services*

Help paying rent or mortgage

Help with other bills

Help with education expenses

Help with car payment

58%

33%

26%

24%

17%

Methodology: Based on online interviews of 12,246 survey respondents age 18

and older living in the United States, conducted Nov. 3 through Nov. 18 and Dec.

15 through Dec. 24, 2017. The survey was weighted to benchmarks in the latest

March supplement of the Current Population Survey along geo-demographic

dimensions including gender, age, race, ethnicity, education, census region,

household income, home ownership status and metropolitan area status.

*Includes money orders and check-cashing services

5%18%76%

Frequency of carrying a balance on one or more credit cards in the past 12 months

6% 21%45% 27%

UNBANKEDUNDERBANKEDFULLY BANKED

Less than $40,000

$40,000-$100,000

More than $100,000

High school degree or less

Some college or associate degree

Bachelor’s degree or more

White

Black

Hispanic

12%

1%

<1%

10%

4%

1%11%

3%

11%

11%

26%

17%

9%

23%

21%

13%

36%

26%

87%

62%

81%

90%

66%

75%

84%

52%

63%