Federal Reserve Governor Michael S. Barr linked financial inclusion to the central bank’s core mandate during a September 1 speech at the Second Chance Lending Forum in Washington, D.C. The 2023 National Survey of Unbanked and Underbanked Households recorded the lowest percentage of unbanked Americans since 2009, but nearly 20% of adults would still struggle to cover a $400 unexpected expense. Barr also highlighted a stark AI adoption gap: 43% of workers with graduate degrees use AI tools, compared to only 10% of those with only a high school diploma. He warned that this technology divide maps onto existing income disparities and ultimately affects employment and wage growth.
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