Because it's unfortunately not a priority for them, because many of these families also purchase expensive consumer goods (even if it's beyond their means). Financial literacy should be high on the list of black churches and non-profit organizations. From the Associated Press: "A government survey shows about 821,000 U.S. households lost access to basic banking services between January 2009 and June 2011. Roughly 10 million U.S. households, or 8.2 percent, have no access to bank accounts, according to a survey conducted by the Federal Deposit Insurance Corp. That’s up from 7.7 percent in the FDIC’s 2009 survey."
The article continues: "And an even larger percentage of Americans are relying on high-interest alternatives, even those with traditional bank accounts. The survey found 28.3 percent either lacked bank accounts or used payday loans, check-cashing services and other alternatives as of June 2011. That’s up from 25.6 percent in the previous survey. The survey found 21.4 percent of black families and 20.1 percent of Hispanic families had no banking services."
FDIC: 21.4% Of U.S. Black Families Don't Have Bank Accounts
