America’s financial system has a long history of disparate access and outcomes for marginalized groups. Our current economic crisis resulting from the COVID-19 pandemic has illuminated long-standing racial, gender, and income gaps that profoundly impact Americans’ financial security. As the pandemic highlighted and exacerbated economic inequality, it also altered the way Americans manage their finances by accelerating digital adoption of financial services. Commonwealth partnered with Plaid, a data network that powers the fintech tools millions of people rely on to live a healthier financial life, to explore these differences in greater detail.

This report examines digital adoption of financial services through the lens of socioeconomic and demographic differences among a representative sample of 2,008 Americans surveyed online in July 2020 by The Harris Poll on behalf of Plaid. This report highlights key insights and analysis that has important implications for the financial services industry for designing, building, and implementing digital tools to foster greater equity and inclusion in financial services.