News

Ask The Experts: Should We Be Concerned About Consumers No Longer Using Banks?

October 2013

Saul Adelman, professor of finance, was quoted in a CardHub story about the growing number of consumers shifting away from traditional banks.

Adelman believes people who are dropping out of the banking system are making a rational decision which should prompt a discussion of broader societal factors.

"The question should be, ‘why is the federal government destroying the ability of people to get jobs so they have something to put in a bank and be included in the ‘normal' economy,'" he said. "Fewer people saving less money requires the banks to charge more for their services, leading to fewer people having bank accounts. Looks like a vicious cycle to me."

Read the entire article: http://www.cardhub.com/edu/ask-the-experts-unbanked-consumers/