Last year, underbanked households more commonly used crypto than those with no banking access whatsoever, according to an FDIC survey.
The use of crypto in 2023 was most common in “underbanked” households, those that use checks or nonbank loans to meet their banking needs, the Federal Deposit Insurance Corporation (FDIC) has revealed.
The FDIC’s Nov. 12 report surveyed around 60,000 households, finding that 6.2% of underbanked households used crypto compared to 4.8% of households with full banking access.
The underbanked are those who have a bank account but also use nonbank financial services like payday loans and check cashing. Around 14.2% of US households, about 19 million, were considered underbanked last year.
