Many people don’t realize that opening a bank account, sending money to friends, applying for a mortgage and other basic financial services that we take for granted is a luxury in the developing world.
According to the World Bank, almost one-third of the world's adults are
"unbanked",meaning they do not use formal financial services. That’s nearly 2 billion people who lack access to the traditional financial system. They cannot protect their money, gain access to tools and services to build wealth, or effectively plan their future.
But the problem is not just in developing countries.
The Federal Reserve found that 22% of adults in the United States are either without banks or with insufficient banks. That's roughly 63 million Americans who either don't have a bank account at all or rely on "alternative financial services products," such as money orders, cash checks, or payday loans, to meet their financial needs.
These problems are exacerbated when a pandemic like COVID-19 strikes. Nine months into the COVID-19 pandemic, approximately one-third of the world’s population, or nearly 3 billion people, did not have the financial safety net to fall back on.
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