National FDIC Survey Shows 38 Percent Decrease in Unbanked Rate for Working-Age Adults with Disabilities

WASHINGTON, Nov. 14, 2024 /PRNewswire/ — 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:

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.

About National Disability Institute

National Disability Institute (NDI) is a national nonprofit organization dedicated to building a better financial future for people with disabilities and their families. The first national organization committed exclusively to championing economic empowerment, financial education, asset development and financial stability for all persons with disabilities, NDI affects change through public education, policy development, training, technical assistance and innovative initiatives. To learn more, visit www.nationaldisabilityinstitute.org. Follow NDI on Facebook, Instagram, Threads and LinkedIn.