A survey in the United States last year showed that cryptocurrency (crypto) use is more common in households that do not rely entirely on banks. The survey, conducted by the FDIC (Federal Deposit Insurance Corporation), involved around 60,000 households and found that 6.2% of underbanked households use crypto, compared to 4.8% of households with full bank access.
Underbanked households are those that have a bank account but also use financial services such as payday loans and check cashing. Last year, about 14.2% of American households, or 19 million households, were considered underbanked. Crypto use was also more common among those with higher education, younger households, Asian and white households, and working-age households.
The report found some income disparity: households with annual incomes of $75,000 or more had a 7.3% crypto use rate, while households with an annual income of less than $15,000 had only a 1.1% crypto use rate. The majority of households using crypto as an investment held the digital devices. The survey also showed that only 1.2% of unbanked households used crypto, compared to 5% of banked households.
About 4.2% of US households, or 5.6 million households in 2023, did not have a bank account, meaning they did not have a checking or savings account at a bank or credit union. According to the FDIC survey, two-thirds of unbanked households rely entirely on cash, while one-third rely on a combination of prepaid cards or online payment services such as PayPal, Venmo, or the Cash App.
