Financial Inclusion and Retirement Preparedness in the United States

32 Pages Posted: 31 Oct 2023

Date Written: September 2023


US financial systems are far from inclusive, with millions of households classified as unbanked: that is, not engaged with any insured financial institution. Given this high number, it is unsurprising that even more employ no financial vehicles to save for retirement. In the 2019 Survey of Consumer Finances (SCF) dataset, one in four non-retired households had no retirement savings at all, and over 40 percent of non-retired adults indicated their retirement saving was not on track. This chapter examines issues related to financial inclusion and retirement savings and explores wealth inequality-related factors to better understand the drivers of retirement preparedness for American households.

Keywords: household finance; financial inclusion; retirement savings

JEL Classification: G21, G51, D14

Suggested Citation

Bogan, Vicki L., Financial Inclusion and Retirement Preparedness in the United States (September 2023). Wharton Pension Research Council Working Paper No. 2023-23, Available at SSRN: or

Vicki L. Bogan (Contact Author)

Cornell University ( email )

Warren Hall
Ithaca, NY 14853
United States
607-254-7219 (Phone)

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