The unbanked population in the United States is estimated to be around 8.4 million. This represents an economically disadvantaged segment of the population since they have limited access to financial institutions and are often vulnerable to financial exploitation. This lack of access to financial services can negatively impact the finances of individuals in this population, resulting in losses in their potential for economic growth that could be mitigated with access to banking services.

The economic analysis of unbanked individuals in the United States must take into account several factors, including income, age, racial/ethnic background, and geographic location. Income is an important factor, as it impacts the ability to access banking services and may be a factor in the decision to remain unbanked. The poverty level has an impact on the number of unbanked individuals in the country, as those below the poverty line are more likely to remain unbanked. Age also plays a role, since older individuals may have a lower propensity to access banking services.

Geographic location can be a major factor in the number of unbanked individuals in a particular area, as some states have higher concentrations of unbanked individuals than others. Racial/ethnic background is a major factor, as African-Americans and Hispanics are more likely to be unbanked than other groups. In addition to these factors, the availability of financial services in a particular area can also limit access to banking services, contributing to the unbanked population.

Finally, there are also economic costs associated with being unbanked. These include higher fees for services, such as check cashing and money transfers, that those with bank accounts may not have to pay. Unbanked individuals can also incur extra costs from the lack of access to financing options, such as car loans or credit cards. This lack of access to these financial services can limit their ability to build wealth, as well as their ability to take advantage of economic opportunities.

Overall, the economic analysis of the unbanked in the United States indicates that access to banking services can have a significant impact on economic growth and opportunity. Access to banking services can reduce poverty levels, increase savings, and expand access to financial services. In addition, access to banking services can provide economic opportunities and help individuals build wealth. Ultimately, increasing access to banking services and reducing the unbanked population in the United States is essential to improving economic outcomes for all.