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ECONOMIC POLICY REVIEW Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments Volume 31, Number 3 September 2025 JEL classification: G2, G3, G5, O16 Authors: Matteo Crosignani, Jonathan Kivell, Daniel Mangrum, Donald P. Morgan, Ambika Nair, Joelle W. Scally, and Wilbert van der Klaauw In recent years technological change and pandemic-related policies have helped expand access to banking, credit, and payment services to more consumers and small businesses. Despite this progress many continue to lack access to the financial tools needed to manage their day-to-day finances, absorb economic shocks, and build financial wealth. This article provides a review of the current state and evolving landscape of financial inclusion in the United States. In doing so, it draws on survey evidence and a growing number of academic studies. The authors identify key opportunities for improving understanding of the causes of financial exclusion and of the effectiveness of alternative efforts to expand financial inclusion. They also emphasize the need for new measures of financial inclusion that go beyond access and use of specific financial services. Full Article AUTHOR DISCLOSURE STATEMENT(S) M a t t e o C ro s i g n a n i I declare that I do not have relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” J o n a t h a n K i ve l l The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Daniel Mangrum The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. D o n a l d M o rga n The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Ambika Nair The author declares that she has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Joelle Scally The author declares that she has no relevant or material financial interests that relate to the research described in this paper. W i l b e r t va n d e r K l a a u w The author declares that (s)he has no relevant or material financial interests that relate to the research described in the paper titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Suggested Citation: Crosignani, Matteo, Jonathan Kivell, Daniel Mangrum, Donald Morgan, Ambika Nair, Joelle Scally, and Wilbert van der Klaauw. 2025. “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.” Federal Reserve Bank of New York Economic Policy Review 31, no. 3, September. https:// doi.org/10.59576/epr.31.3.1-49