Financial inclusion for the ‘unbanked’ could ease US economic woes

Across rural America and in urban centers throughout the country, there is a little-known roadblock to economic growth and personal prosperity that is keeping millions of people from achieving financial independence and building personal prosperity. 

Many people are “unbanked” and lack a bank account, while others are “underbanked” and need to use alternative financial services such as money orders, check-cashing services and payday loans rather than traditional loans and credit cards to manage their finances and fund purchases. Both situations block millions of people across the nation from personal financial stability and hurt our overall economic growth. 

Despite significant progress in the last decade toward reducing the number of underbanked and unbanked people in the United States, there is a growing bipartisan consensus that now is the time to redouble our efforts toward true financial inclusion. Financial inclusion must go beyond banking to have a tangible impact on the financial lives of people in America. Financial inclusion means that individuals and businesses have equitable access to affordable financial products and services to meet their payments, savings, credit and insurance needs. 

That is why over 110 companies, trade groups, and consumer groups have joined with the Aspen Institute Financial Security Program, calling for establishing a National Financial Inclusion Strategy to deliver better financial outcomes for…