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A new GoBankingRates.com investigation of online banking use found a $27,000 income gap between black and white U.S. households which might impact who banks online
LOS ANGELES, Sept. 26, 2013 /PRNewswire/ -- A new GoBankingRates study examined current and historical data on online banking habits across several demographic groups. The findings revealed that blacks are statistically slower to adopt online banking than whites – data that some experts suggest might be tied to a widening median household income gap between blacks and whites.
To read the full report, please visit GoBankingRates.com at http://bit.ly/15PkqQl
"The media often talks about economic disparities in America; when we looked at digital trends in banking, we saw a clear racial divide when it came to access to modern banking technology," said GoBankingRates.com editor Jennifer Calonia.
When presented the findings, Dedrick Muhammad, senior director of the NAACP's economic department, told GoBankingRates.com "I assume [there are] differences in income and wealth, differences in accessibility to brick-and-mortar banks and ATMs, and, of course, differences in ownership of computers and high speed internet."
The investigation discovered the following data regarding the relationship between ethnicity, income and online banking use:
"I am not as concerned as to whether various ethnic groups use banking services online or in-person, but rather … [that] we close the economic divide that leaves groups disproportionately with such low wealth that they fall out of the banking system," Muhammad said.
GoBankingRates.com evaluated data from two PEW Research Center's reports: "51% of U.S. Adults Bank Online," and "King's Dream Remains an Elusive Goal" and its proprietary database.
GoBankingRates.com (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide. It aggregate interest rates from more than 4,000 national financial institutions. GoBankingRates.com's editors have been featured on top media outlets, including U.S. News, Yahoo! Finance, Forbes, Huffington Post and more.
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