Common Barriers To The Use Of Financial Services By Immigrants | Ashish Bahl

Ashishbahl10 Feb, 2022Business

Immigrating to the United States comes with many challenges, not the least of which is financial. In addition to the sheer costs of immigration, the lack of credit history makes financial inclusion extremely difficult for many immigrants. These ?credit invisibles? are often unbanked or underbanked, creating innumerable challenges for them in an increasingly cashless society, particularly in the wake of the ongoing worldwide pandemic, when credit cards and other digital payments have taken precedence. In fact, the use of cash has fallen 57% over the course of the pandemic according to a recent EY survey. Risk In addition to the he costs of operating in cash can be exorbitant. Few immigrants who travel to the United States are prepared or financially secure. This results in immigrants disproportionally making up a large portion of low-income individuals and non citizens. Being unbanked is one of the most common barriers that immigrants face when trying to build their wealth.