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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 for 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.