According to a new study from The Center for Social Development at Washington University, many low-income households move in and out of using mainstream financial services, and on average, those with bank accounts are more financially secure than those who are unbanked.

Unbanked is the common term used to describe households lacking both a checking and savings account. The Federal Deposit Insurance Corporation estimates that nearly 9.6 million households in the U.S. are unbanked.

The research brief “Characteristics and Hardships Associated with Bank Account Ownership Among Refund to Savings Participants,” provides insights on differences between banked and unbanked households, using data from the Refund to Savings initiative and the large-scale, in-depth Household Financial Survey.

Read the full report here: