Families
Access to Financial Services



Source: Federal Deposit Insurance Corporation
Access to Financial Services
Unbanked or Underbanked Households
Arkansas County34.9%
Ashley County35.2%
Baxter County20.8%
Benton County21.8%
Boone County23.0%
Bowie County, Texas28.3%
Bradley County38.6%
Calhoun County27.3%
Carroll County28.6%
Chicot County43.4%
Clark County29.2%
Clay County29.2%
Cleburne County24.7%
Cleveland County24.1%
Columbia County31.3%
Conway County30.9%
Craighead County27.2%
Crawford County24.1%
Crittenden County36.9%
Cross County36.1%
Dallas County39.7%
Desha County45.2%
Drew County37.9%
Faulkner County24.8%
Franklin County29.9%
Fulton County28.3%
Garland County24.3%
Grant County21.6%
Greene County25.0%
Hempstead County37.9%
Hot Spring County26.3%
Howard County36.1%
Independence County24.5%
Izard County27.2%
Jackson County33.3%
Jefferson County35.2%
Johnson County32.2%
Lafayette County38.1%
Lawrence County29.5%
Lee County45.4%
Lincoln County29.3%
Little River County27.7%
Logan County30.2%
Lonoke County23.3%
Madison County24.3%
Marion County27.3%
Miller County29.9%
Mississippi County34.2%
Monroe County40.8%
Montgomery County27.1%
Nevada County36.9%
Newton County22.5%
Ouachita County32.6%
Perry County22.1%
Phillips County41.5%
Pike County30.1%
Poinsett County29.3%
Polk County28.5%
Pope County25.1%
Prairie County32.9%
Pulaski County28.9%
Randolph County29.5%
Saline County20.3%
Scott County31.6%
Searcy County27.1%
Sebastian County25.5%
Sevier County36.4%
Sharp County27.5%
St. Francis County38.3%
Stone County27.4%
Union County29.6%
Van Buren County27.0%
Washington County26.3%
White County24.5%
Woodruff County37.1%
Yell County27.6%

Source: Federal Deposit Insurance Corporation
Notes: Underbanked: Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked: Percentage of households with neither a checking nor savings account.




Households with Limited Financial Access
Unbanked or Underbanked Households
Arkansas County2,702
Ashley County2,931
Baxter County3,778
Benton County18,676
Boone County3,441
Bowie County, Texas9,459
Bradley County1,775
Calhoun County580
Carroll County3,139
Chicot County1,959
Clark County2,535
Clay County1,930
Cleburne County2,509
Cleveland County803
Columbia County3,004
Conway County2,584
Craighead County10,533
Crawford County5,699
Crittenden County6,770
Cross County2,497
Dallas County1,289
Desha County2,383
Drew County2,772
Faulkner County10,715
Franklin County2,028
Fulton County1,500
Garland County9,790
Grant County1,482
Greene County4,171
Hempstead County2,965
Hot Spring County3,192
Howard County1,823
Independence County3,488
Izard County1,509
Jackson County2,111
Jefferson County9,898
Johnson County3,256
Lafayette County1,078
Lawrence County1,975
Lee County1,637
Lincoln County1,184
Little River County1,455
Logan County2,600
Lonoke County6,037
Madison County1,540
Marion County1,829
Miller County5,071
Mississippi County5,862
Monroe County1,373
Montgomery County1,055
Nevada County1,281
Newton County745
Ouachita County3,440
Perry County850
Phillips County3,376
Pike County1,311
Poinsett County2,721
Polk County2,255
Pope County5,684
Prairie County1,259
Pulaski County44,575
Randolph County2,164
Saline County8,587
Scott County1,281
Searcy County860
Sebastian County12,643
Sevier County2,211
Sharp County1,955
St. Francis County3,612
Stone County1,409
Union County4,895
Van Buren County1,857
Washington County21,493
White County7,204
Woodruff County1,080
Yell County2,122

Source: Federal Deposit Insurance Corporation



NATIONAL RANKING
39

OUT OF 51
2017

STATE TREND

Decreasing


26.5%

2017
1% = 12,060
Households
See here for full explanation

What does this measure?

The percentage of households that have neither a checking nor savings account (unbanked) or have an account but instead relied on alternative financial services (underbanked) in the past 12 months.

Why is this important?

Having access to and using checking and savings accounts and other financial products can help families save money, plan for the future, and build credit. Rates of underbanked and unbanked households may indicate limited access to resources, especially in low-income communities.

How is Arkansas doing?

In 2017, slightly under 8% of households were unbanked and 19% were underbanked, both rates lower than in 2009 when they were 10% and 23% respectively. Arkansas rates were similar to those of the nation as a whole. Unlike Arkansas, national rates did not change much from their 2009 levels.

In terms of its percentage of unbanked or underbanked households, Arkansas was 39th in the nation, including the 50 states and Washington, D.C. This represents an improvement from 2015 when Arkansas ranked 42nd, and a further improvement from 2009 when Arkansas ranked 47th.

Rates were much higher among some groups, in 2015, the most recent year for which these estimates are available, 31% of Black or African American households and 24% of Hispanic households were underbanked, compared to 17% of white households.

Un- or underbanked rates were over 40% in Monroe, Phillips, Chicot, Desha and Lee counties and below 22% in Saline, Baxter, Grant and Benton counties as of 2015, the most recent year for which these estimates are available.

Notes about the data

Underbanked households are those that have a checking and/or a savings account but have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked households have neither a checking nor savings account.

Prosperity Now's Scorecard estimates are used for county-level and race-ethnicity data. Please see the organization's methodology documents (https://scorecard.prosperitynow.org/methodology#household-wealth-local) for additional details on how these estimates are developed.




Source: Federal Deposit Insurance Corporation


Access to Financial Services
Unbanked or Underbanked Households
Arkansas26.5%
United States25.2%

Source: Federal Deposit Insurance Corporation
Notes: Underbanked: Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked: Percentage of households with neither a checking nor savings account.






Source: Prosperity Now


Access to Financial Services by Race/Ethnicity
Household of ColorWhiteAsianBlack or African AmericanHispanic
Arkansas38%23%
Pulaski County19%48%42%46%17%

Source: Prosperity Now
Notes: Underbanked: Percentage of households that have a checking and/or a savings account and have used non-bank money orders, non-bank check-cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops or refund anticipation loans (RALs) in the past 12 months. Unbanked: Percentage of households with neither a checking nor savings account.









INDICATORS TREND | STATE
Education: Access to Quality Slots for Infants and Toddlers Not Applicable
Education: Access to Quality Child Care Slots for Preschoolers Not Applicable
Education: Grade 3 Reading Decreasing
Education: Grade 8 Math Maintaining
Education: Graduation Rate Increasing
Education: Remediation Rate Maintaining
Education: Adults with a High School Degree Increasing
Education: Adults with a Bachelor's Degree or Higher Increasing
Education: Adults Pursuing Further Education Decreasing
Education: Imagination Libraries Increasing
Health: Low Birth Weight Babies Not Applicable
Health: Early Prenatal Care Increasing
Health: Overweight or Obese Students Increasing
Health: Overweight or Obese Adults Increasing
Health: Physically Inactive Adults Maintaining
Health: Smoking Rate Decreasing
Health: Insurance Coverage Rates Increasing
Health: Oral Health Increasing
Health: Life Expectancy Decreasing
Health: Routine Check-ups Increasing
Health: Overdose Deaths Increasing
Families: Teen Births Decreasing
Families: Children Living in Poverty Maintaining
Families: People Living in Poverty Maintaining
Families: Elderly Living in Poverty Maintaining
Families: Median Household Income Maintaining
Families: Unemployment Rate Decreasing
Families: Homeownership Rate Decreasing
Families: Child Abuse and Neglect Decreasing
Families: Access to Financial Services Decreasing
Families: Food Insecurity Decreasing
Families: Food Deserts Not Applicable
Families: Homelessness Decreasing
Families: Change in Total Jobs Increasing
Families: Cost of Homeownership Maintaining
Families: Households Below ALICE Threshold Not Applicable
Families: Overall Housing Cost Burden Decreasing
Families: Child Care Costs for Toddlers Not Applicable
Families: Medical Debt Not Applicable
Families: Households Receiving SNAP Decreasing
Families: Incarceration Rate Increasing
Community: Voter Participation Rate Decreasing
Community: Charitable Giving Increasing
Community: Volunteering Increasing
Community: Group Participation Increasing
Community: Connection to Neighbors Decreasing
Community: Local Voting Not Applicable
Demographics: Change in Population Increasing
Demographics: Change in Population by Race/Ethnicity Not Applicable
Demographics: Change in Population by Age Not Applicable
Racial Equity: Remediation Rate Maintaining
Racial Equity: Adults with a High School Degree Increasing
Racial Equity: Adults with a Bachelor's Degree or Higher Increasing
Racial Equity: Adults Pursuing Further Education Decreasing
Racial Equity: Low Birth Weight Babies Not Applicable
Racial Equity: Early Prenatal Care Increasing
Racial Equity: Overweight or Obese Students Increasing
Racial Equity: Overweight or Obese Adults Increasing
Racial Equity: Physically Inactive Adults Maintaining
Racial Equity: Smoking Rate Decreasing
Racial Equity: Insurance Coverage Rates Increasing
Racial Equity: Oral Health Increasing
Racial Equity: Life Expectancy Decreasing
Racial Equity: Routine Check-ups Increasing
Racial Equity: Teen Births Decreasing
Racial Equity: Children Living in Poverty Maintaining
Racial Equity: People Living in Poverty Maintaining
Racial Equity: Elderly Living in Poverty Maintaining
Racial Equity: Median Household Income Maintaining
Racial Equity: Unemployment Rate Decreasing
Racial Equity: Homeownership Rate Decreasing
Racial Equity: Child Abuse and Neglect Decreasing
Racial Equity: Access to Financial Services Decreasing
Racial Equity: Food Insecurity Decreasing
Racial Equity: Homelessness Decreasing
Racial Equity: Cost of Homeownership Maintaining
Racial Equity: Medical Debt Not Applicable
Racial Equity: Households Receiving SNAP Decreasing
Racial Equity: Incarceration Rate Increasing
Racial Equity: Change in Population by Race/Ethnicity Not Applicable








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