Familiarity with various financial products and services among low-to-moderate income individuals is limited.

The latest Americanos Poll shows that nearly one-third of low-to-moderate income (LMI) Americans are either unbanked - holding no basic bank account - or underbanked - having a basic bank account and yet relying on less sophisticated methods for everyday transactions such as check-cashing. The poll shows that 53% of LMI Hispanics are either unbanked or underbanked versus 23% of non-Hispanics.

The survey finds that while LMI Americans say they are managing their personal debt, many struggle to use credit wisely. Many acquire personal debt for everyday living expenses such as for bills (15%) or food or housing (11%). Fifteen percent turn to credit cards for cash advances. Only 45% are "very" familiar with how to build or manage their credit. Here too, Hispanics are most in need of guidance: only 36% are "very" familiar with how to build or manage credit, compared to 46% of non-Hispanics.

Other key findings from the Americanos Poll:

- Forty-three percent do not consistently save; 21% claim there simply is not enough money left after paying for living expenses and bills and 22% report they spend more than what they save. Furthermore, while LMI individuals express interest in investments, home ownership is the only asset class in which significant numbers (42%) are invested.

- Familiarity with various financial products and services among low-to-moderate income individuals is limited. Fewer than half profess awareness of educational savings accounts (32%), credit/debt counseling services (39%), or even common loan products such as equity credit lines (43%).

- LMI Hispanics rate their awareness of many financial products 10 to 30 points lower than do LMI non-Hispanics. For example, 68% of non-Hispanics rate themselves "very" or "somewhat" familiar with home loans and mortgages, vs. 43% of Hispanics. For other select products, the non-Hispanic vs. Hispanic breakdown is as follows: checking accounts, 95% - 76%; regular savings accounts, 90% - 68%; retirement savings accounts, 68% - 38%; small business loans, 33% - 19%.

- For many LMI Americans, check cashing and bill payment habits constitute a major hurdle to the use of more sophisticated banking services. Overall, 39% use cash for paying bills and 30% pay via money order. LMI Hispanics in particular favor cash for this purpose (65% vs. 34% of non-Hispanics). Hispanics are also more likely than non-Hispanics to manage their income on a cash basis, with nearly three in 10 (28%) cashing checks at the issuing bank, using check-cashing outlets or being paid in cash, compared to 12% of non-Hispanics.