PHILADELPHIA (CBS) – Banking on your savings account to put your kids through college or pay for your retirement?

Not in Philadelphia, apparently.

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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.

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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

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