According to a recent study released by Scarborough Research, 10% of Americans fall into two opposite ends of the banking spectrum: “unbanked” or “superbanked.”
In a nutshell, the superbanked are dreams-come-true for financial giants like Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM). Scarborough defines these consumers as having a checking, savings, money market account and certificate of deposits (CDs), and at least one of the following investments: stocks or stock options, bonds, mutual funds, money market funds, second home or real estate property and other securities or investments.
In contrast, Scarborough simply defines the unbanked as adults who will not use a bank or credit union.
Here are a few more interesting tidbits about the superbanked and the unbanked.
- 22% are more likely to be married.
- 43% with annual household income of $50K or less are retired.
- 93% have used a credit card in past 3 months.
- Superbanked consumers aren’t necessarily wealthy.
- Most superbanked consumers live in Fort Myers, San Francisco and Orlando.
- 45% have children under the age of 17 living in their homes.
- 7% of have used a check-cashing service in the past 12 months.
- They’re twice as likely to have prepaid wireless plans than customers who use banks and credit unions.
- Many do have lower incomes, but they still spend money on consumer products.
- 41% have shopped at a mall within the past 30 days.
If you’d like to learn more about the superbanked and unbanked, you can sign up to download Scarborough’s entire study on Atypical Bank Consumers.