Authors: Matteo Crosignani, Jonathan Kivell, Daniel Mangrum, Donald P. Morgan, Ambika Nair, Joelle W. Scally, and Wilbert van der Klaauw
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Economic Policy Review
Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments
Volume 31, Number 3
September 2025
September 2025
JEL classification: G2, G3, G5, O16
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.
Author Disclosure Statement(s)
Matteo Crosignani
I declare that I do not have relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Jonathan Kivell
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Daniel Mangrum
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper.
Donald Morgan
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Ambika Nair
The author declares that she has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Joelle Scally
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Wilbert van der Klaauw
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
I declare that I do not have relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Jonathan Kivell
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Daniel Mangrum
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper.
Donald Morgan
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Ambika Nair
The author declares that she has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Joelle Scally
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Wilbert van der Klaauw
The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Suggested Citation:
Crosignani, Matteo, Jonathan Kivell, Daniel Mangrum, Donald Morgan, Ambika Nair, Joelle Scally, and Wilbert van der Klaauw. 2025. “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Federal Reserve Bank of New York Economic Policy Review 31, no. 3, September. https://doi.org/10.59576/epr.31.3.1-49
Crosignani, Matteo, Jonathan Kivell, Daniel Mangrum, Donald Morgan, Ambika Nair, Joelle Scally, and Wilbert van der Klaauw. 2025. “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Federal Reserve Bank of New York Economic Policy Review 31, no. 3, September. https://doi.org/10.59576/epr.31.3.1-49
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