An estimated 19% of Connecticut households (the highest rate in New England) either have no checking and savings account, or use fringe financial services rather than their own banking accounts. While 61% of CT’s unbanked/underbanked individuals are employed full-time in New Haven County 7.2% (the highest rate in Connecticut) of these individuals who can least afford it, pay to cash payroll, government entitlement checks and pay bills. In addition, due to their non-utilization and under utilization of the traditional financial systems these households lack strong credit histories and the safety of secured financial holdings.
