Changing Banking Habits in Low-income Communities

This paper examines how the current practices within the banking industry have helped influence banking habits within low-income communities. Using existing research data that studied low-income communities’ current banking habits, the growth in check-cashing businesses, and current banking industry practices, this article suggests that changes in the banking industry practices are vital to help promote better banking habits within low-income communities. The impact of such changes will reduce unnecessary financial costs while generating savings that can help these communities build additional cash reserves. The findings show that with the support of banking industry leaders, government regulations, and philanthropic community revitalization efforts, these changes will create more inclusive products and services