Boston, MA — The Partnership for Financial Equity (PFE) today released a groundbreaking new report, Trust and Financial Access Among Lower-Income Residents in Massachusetts, presenting the first-ever statewide survey focused specifically on trust in banking among low-income residents. The findings provide timely, actionable insights for banks, community organizations, and policymakers seeking to expand financial inclusion and strengthen trust in the financial system.

Based on a survey of 642 Massachusetts residents with household incomes below $80,000 with an oversampling of Latine residents, the report finds that while most low-income residents trust banks in general, that trust is often tentative and unevenly distributed. Eight percent of low- income residents are unbanked—more than three times the statewide average—yet nearly half of those without bank accounts say they are interested in opening one in the future, signaling substantial untapped market opportunity.

MassINC Polling Group conducted the survey for PFE from September 2-19, 2025 and we have linked here to anonymized cross-tabulated survey data and a summary of topline results.

“Low-income residents want to be part of the financial mainstream, but cost, past negative experiences, and lack of clear information continue to push many people away,” said Jason Andrade, Director of Research and Membership Engagement at the Partnership for Financial Equity. “This research shows that trust can be built—and rebuilt— when banks meet people where they are with transparent products, fair treatment, and strong community partnerships.”

Key Findings

• Unbanked rates remain elevated among low-income households. Eight percent of low-income residents in Massachusetts are unbanked, with higher rates among women, renters, Gateway City residents, people with very low incomes, and those with lower levels of educational attainment.
• Cost and experience matter. Negative experiences with banks, high or confusing fees, and lack of trust are the most commonly cited reasons people remain unbanked. Fees are an especially strong barrier for Latine residents.

• Trust exists—but is fragile. Eighty-five percent of low-income residents say they trust banks in general, yet only one in four express strong trust. Trust is significantly lower among unbanked residents, highlighting the need for proactive trust-building efforts.
• Clarity and honesty drive trust. The strongest predictor of trust in banks is the belief that banks provide clear and honest information, especially about fees and account terms.
• Alternative financial services are widely used. More than half of low-income residents —and more than three-quarters of low-income Latine residents—used at least one alternative financial service in the past year, even when they had a bank account.

Implications for Banks and Communities

• The report underscores that expanding access to banking is not simply about opening accounts— it is about offering affordable, transparent products; delivering respectful, culturally competent customer service; and maintaining a visible, trusted presence in communities. “Banks that invest in fee-free or low-cost accounts, simplify their messaging, hire bilingual and representative staff, and partner with trusted community organizations can build trust while expanding their customer base,” the report concludes.

A Call to Action

Drawing on its findings, the Partnership for Financial Equity outlines a clear set of action steps for banks and community organizations, including:

• Expanding Bank On and Basic Banking–certified accounts with no overdraft or maintenance fees;
• Improving transparency and communication around fees, account rules, and consumer protections;
• Offering pathways for consumers with negative banking histories to safely re-enter the financial system;
• Establishing or maintaining physical branches or service locations in low-income and heavily Latine communities;
• Partnering with community organizations to co-design products and outreach strategies.

About the Partnership for Financial Equity

Founded in 1990, the Partnership for Financial Equity works to expand access to fair and affordable financial services, reduce systemic inequities, and build trust between financial institutions and the communities they serve across Massachusetts.