According to an FDIC study nearly 30% of Americans are unbanked or underbanked. Which breaks down to 7.7% of US households, approximately 9 million are unbanked and 17.9% of US households, approximately 21 million are underbanked. Unbanked households are those that don’t have any bank account and underbanked households are those that have a bank account but are not active in using the financial resources of their bank accounts. Another 4.1% are listed as having a bank account but their usage status is unknown. These numbers also drastically differ across regions of the country and different demographics.

These facts are especially interesting for all of the new growth opportunities in the US which these underbanked consumers represent. According to an independent Business Wire article it is estimated that there are more than 100 million unbanked consumers living in the United States today.

So you might ask how are these underbanked consumers navigating the mainstream financial world?

The study found that 66% of unbanked households utilize alternative financial services such as non-bank money orders, non-bank check cashing, pawn shops, and payday loans which can all be very expensive services. Another 25% of underbanked households don’t use any alternative financial services and rely heavily on cash.

These unbanked or underbanked populations represent a large portion of renters in the multi-family housing industry and can be a challenge for property managers. But they also represent a huge opportunity for growth. Finding ways to market your property to these potential residents and offering them a safe and secure way to pay their rent is crucial to attracting residents in certain markets. How many of your renters could take advantage of a safer and easier way to collect rent?

For more information on the unbanked population in the US visit FDIC’s National Survey of Unbanked and Underbanked Households .