About

People who have left or been forced out of the traditional banking sector are using financial products and services that are stripping wealth rather than building it through high fees, interest, and sometimes predatory practices. For the financially underserved who lack a savings cushion or access to reliable credit, there are few affordable financial options.

• One in three Americans is financially underserved. In the Twin Cities, that number is approximately 194,000 households, 54.8 percent of households of color were financially underserved in the Twin Cities, as compared to 15.4 percent of white households.
• Underserved households spend $1,100 to $2,400 on fees and interest alone each year amounting to a $173 billion marketplace.

The problems this data present is exacerbated by context in which it exists – income is often volatile and unpredictable, and small missteps or unexpected financial shocks can have a serious consequence on a household’s finances.