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Millions of Americans live in financial deserts

These residents lack adequate access to safe, high quality financial services necessary to save, spend, borrow and plan.

72% of Americans are not considered financially healthy due to:

Limited economic investment in communities
Limited economic investment in communities
Difficulty accessing financial resources
Difficulty accessing financial resources
Lack of trusted relationships between people and financial institutions
Lack of trusted relationships between people and financial institutions

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Residents living in financial deserts spend an average of 10% of their income on interests and fees – the same amount American families spend on food each year.

Living in a financial desert can prevent individuals and families from achieving financial health and has lasting impacts on future generations. Without easy access to banks and other traditional financial services, residents may have to rely on alternatives such as check cashers and payday lenders. The result is a perpetual cycle of financial instability and limited economic opportunities.

The Truth About Financial Health in America

28%

of Americans are considered financially healthy today

46%

of U.S. households are unable to manage a $400 emergency expense

23%

of adults have borrowed money from somewhere like a pawn shop or a payday lender

90% 50%

90% of Americans born in the 1940s have surpassed their parents' income

50% of Americans born in the 1980s have surpassed their parents' income surpassed their parents' income

10%

This is the amount of household income spent on interest and fees associated with alternative financial service providers like check cashers and payday lenders

$108

The amount of money an individual could put towards food, gasoline or clothing each month, if he or she could avoid fees and interest associated with alternative financial service providers, such as payday lenders

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