People use banks for a variety of purposes. In the Center’s Study on the Future of Money and Banking, we asked respondents, each of whom had at least one bank account, whether they use banks to get loans.

Overall, 19% of respondents said that they did.

How are these views affected by gender, education, income, and children in the household?


Males were more likely to say that they used banks for loans than women. Twenty-one percent of males versus only 15% of females said that they did.


Those with more education were also more likely. Twenty-four percent of those with a college degree or more versus just 14% with some college education or less said that they used a bank to get a loan.


Wealth was another major distinguishing factor. Thirty percent of those with a yearly household income of $75,000 or more replied that they used banks to get loans. This compares with only 14% of those with yearly household incomes of less than $75,000.

Those with more education and money may not need money as much as those with less of each, but banks are more willing to lend to them.

Children in the household

Lastly, those with children in the household (23%) are more likely to say that they have used a bank to get a loan than those without kids in the household (15%).


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April 1, 2019