ECB paper compares financial inclusion in US and eurozone

European Central Bank

A working paper published by the European Central Bank studies which factors determine whether citizens are "unbanked", or have no commercial bank account.

In Financial inclusion: what's it worth? Miguel Ampudia and Michael Ehrmann look at household-level data for both the eurozone and the US.

Households are more likely to be unbanked if they have low incomes, low education levels or have unemployed members, the authors say. These effects are "remarkably" more pronounced in the US, where 7.5% of

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