Financial Services in Making Connections Neighborhoods

By the Urban Institute, The Annie E. Casey Foundation

January 3, 2006

Summary

This report analyzes survey data about the use of financial services by families living in the 10 Making Connections cities across the United States. The report evaluates resident responses by their use of bank services, check cashing services, payday lenders, pawn shops and credit cards, as well as how they would respond to financial emergencies. It correlates how factors such as race/ethnicity, immigrant status, income, employment level, and neighborhood of residence influenced the use of financial services. 

Table of Contents

Key Takeaway

Residents in Making Connections neighborhoods

Resident responses indicate that low-income families surveyed were more likely to use a mix of financial services, including commercial banks and check cashing services, than residents in the surrounding county. Responses also showed that a majority of residents in the initiative neighborhoods used commercial banking services. 

Caption: Household financial service use by Making Connections neighborhood families compared to those in surrounding county  

Findings & Stats

Bank Use by Race

Poor, unemployed, Hispanic households use banks at significantly lower levels than non-poor, fully employed, white households.

Statements & Quotations