- Report Explores Older Americans’ Access to Banking Services
An estimated 17 million people in the United States aged 45 and older live in households that do not have a bank account or have a bank account but also rely on alternative financial
services such as check cashers or payday lenders, according to a new report from AARP Foundation and AARP’s Public Policy Institute. The report, A Portrait of Older Underbanked and Unbanked Consumers, argues that without access to banking services, older Americans face difficulties in managing their money and saving for retirement. The report provides recommendations such as urging banks and credit unions to provide introductory accounts to build credit, and bank accounts and loans for people with poor credit.
http://assets.aarp.org/rgcenter/ppi/econ-sec/underbank-economic-full-092110.pdf