Never Most or all of the timeSome of the timeOnce
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%