Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments

In recent years technological change and pandemic-related policies have helped expand access to banking, credit, and payment services to more consumers and small businesses. Despite this progress many continue to lack access to the financial tools needed to manage their day-to-day finances, absorb economic shocks, and build financial wealth. This article provides a review of the current state and evolving landscape of financial inclusion in the United States. In doing so, it draws on survey evidence and a growing number of academic studies. The authors identify key opportunities for improving understanding of the causes of financial exclusion and of the effectiveness of alternative efforts to expand financial inclusion. They also emphasize the need for new measures of financial inclusion that go beyond access and use of specific financial services.