
A new report from the Federal Reserve Bank of Philadelphia reveals that millions of older Americans lack access to the physical bank branches they may depend on.
Key findings include:
- Currently, 4.5 million Americans aged 65 and older live in banking deserts — areas with no bank branches nearby — or are at risk of losing their last remaining branch.
- Since 2019, the number of seniors in banking deserts has increased 26 percent, with over 800,000 affected seniors lacking home broadband access and nearly 1 million living in low- to moderate-income areas.
- Texas, North Carolina, Florida, and California have the highest numbers of affected seniors, while New Jersey, Pennsylvania, and Nebraska experienced the fastest growth rates.
Accessible banking services are essential for financial health, particularly for the nearly one-third of seniors aged 65 and older who continue to rely primarily on in-person teller services. As the number of older Americans continues to grow, addressing banking deserts will be critical to ensuring consumers aren’t left behind.
City and Town Population Estimates and National, State and County Housing Unit Estimates [


