Central Texas Income, Research and Statistics

Income by the Numbers

• Texans are some of the most financially insecure citizens in the United States: we have the third highest poverty rate, the most people who are uninsured, and an overall "D" on the CFED Asset Scorecard (for reasons like 48th in nation for household net worth, 41st in nation for number of unbanked, and 46th in nation for installment debt)
• At least 47,000 households in the area lack a checking or savings account. Hispanics and their households account for 54% of the unbanked in Austin.
• The typical working, unbanked household in Austin pays between $230 and $918 to cash paychecks over the course of one year. Checks cashed by non-bank check cashers were valued at over $160 million with more than $4 million in check cashing fees collected.
• We borrow $90,853,499 in payday loans annually and pay $14,763,694 in fees.
• Establishing a relationship with a mainstream financial institution, such as a bank or credit union can provide families with opportunities to save, access affordable credit, and purchase assets.
• Families with access to basic banking products are more likely to have savings and assets, and are less likely to utilize financial services that charge high fees and interest rates.

Learn more about Income initiatives in Central Texas

Bank On Central Texas (BOCT)
The mission of BOCT Bank On Central Texas is a community initiative to bring together banks, credit unions, financial services providers, government, private sector, community organizations, and nonprofits to bring more people into the financial mainstream.

RAISE Texas
RAISE Texas agrees with Michael Sherraden, a national leader in asset building, that “income is not enough for day-to-day and long-term economic stability.” RAISE Texas believes that assets provide an investment vehicle, protection, and hope for a better future.

Financial Fitness Greater Austin (FFGA)
Financial Fitness Greater Austin (FFGA) is a public education and awareness campaign designed to help consumers better manage their personal finances.