PHILADELPHIA (CBS) – Banking on your savings account to put your kids through college or pay for your retirement?
Not in Philadelphia, apparently.
According to the Corporation for Enterprise Development, Philly is the ninth most “unbanked” city in the country – meaning it has the ninth largest number of residents without checking or savings accounts.
The CED says that 14.3% of Philadelphia residents are unbanked and 23.5% are underbanked, or relying on alternative financial means despite having a bank account.
Our ranking is even worse if you break the statistics down by county; we come in sixth place, just behind Miami-Dade County in Florida.
So, who takes the top spot for unbanked residents?
Miami, Florida is number one, with more than 20% of its residents lacking a bank account.
To see the full report, visit: http://cfed.org/assets/pdfs/Most_Unbanked_Places_in_America.pdf