As the use of printed checks for financial transactions becomes increasingly rare, are checking accounts themselves now a relic of the past?
Respondents to the Center’s Future of Money and Banking Study all had at least one bank account. How many of them have checking accounts?
Ninety-five percent of females and 98% of males have checking accounts.
Ninety-six percent of people with yearly household incomes of less than $75,000 have a checking account, as do 99 percent with yearly household incomes of $75,000 or more.
Ninety-six percent of people with some college or less education have a checking account, as do ninety-eight percent of those with a college degree or higher level of education.
Ninety-nine percent of respondents age 65 or more have a checking account, along with 97% of respondents age 35-44, 45-54, and 55-64. Ninety-six percent of respondents age 25-44 have checking accounts.
Even 92% of young adults in the 18-24 age category have checking accounts.
In sum, checking accounts are still very much with us.
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March 5, 2018