Promoting banking services among low-income customers
Abstract: Many low-income people rely on payday lenders, check cashers, and other alternative financial service providers to get by. But the high costs make it hard for families to save. A 2008 Brookings Institution report highlights the reasons that the so-called unbanked turn to such services. It also suggests solutions-including both expanded bank offerings and increased access to government programs that stabilize incomes and reduce the need for emergency, high-cost credit.
File(s): File format is application/pdf http://www.bostonfed.org/commdev/necd/2008/issue3/LMI-banking-services.pdf
Provider: Federal Reserve Bank of Boston
Part of Series: New England Community Developments
Publication Date: 2008
Order Number: 3