, but the failure of hiring to rise with vacancies could also indicate that firms perceive the prospects for economic growth as still insufficient to justify adding to payrolls. alternatively, subdued hiring could indicate that firms are encountering difficulties in finding qualified job applicants. as is true of the other indicators i institute at the university of california, los angeles ). on the cyclicality of college enrollment, see andrew barr and sarah turner ( 2013 ), “ down and enrolled : an examination of the enrollment response to cyclical trends and job loss ( pdf ) ”, paper presented at the perc applied microeconomics workshop, held at texas a & m university, college station, texas, march 20. for research showing that the high numbers of workers seeking disability status is correlated with sectoral employment declines and demographics and not correlated with the rate of workplace injuries, see norma b. coe and matthew s. rutledge ( 2013 ), “ why did disability allowance rates rise in the great recession? ( pdf ) ” center for retirement research paper 13 – 11 ( chestnut hill, mass. : center for retirement research at boston college, august ) ; and john merline ( 2012 ), “ the sharp rise in disability claims ( pdf ) ”, federal reserve bank of richmond, region focus ( second / third quarter ), pp. 24 – 26. the effects of the great recession on retirements are difficult to identify. during the recession and immediately after, the losses in wealth may have put upward pressure on labor force participation ; the persistently weak labor market may have subsequently contributed to more retirements and thus put downward pressure on participation. perhaps as a result of these confounding forces, early research on the effects of the great recession on retirement finds unclear results. for example, see alan l. gustman, thomas l. steinmeier, and nahid tabatabai ( 2011 ), “ how did the recession of 2007 – 2009 affect the wealth and retirement of the near retirement age population in the health and retirement study? ” nber working paper series 17547 ( cambridge, mass. : national bureau of economic research, october ). for a discussion of these developments, see richard w. johnson ( 2012 ), “ older workers, retirement, and the great recession ( pdf ) ” ( stanford, calif. : russell sage foundation and the stanford center on poverty and inequality, october ). see tomaz cajner, dennis mawhirter, christopher nekarda,

financial security. 1 / 4 bis - central bankers'speeches in addition to broad - based outreach, i would also like to emphasize the opportunity that financial education provides to advance our shared goal of financial inclusion. today, i will discuss three important aspects of the fed's inclusion efforts that helps to inform policies and practices designed to advance financial access and capability : access to a banking account ; the availability of responsible small - dollar lending products for short term financial needs ; and expanded reach of financial initiatives to indigenous and native communities to more effectively assist in providing access to the broader financial economy. we have made significant progress in providing greater access to bring the unbanked into the insured depository space. our research gives us insight into the success of recent efforts to expand access among unbanked populations. for example, the federal reserve's survey of household economics and decisionmaking ( shed ) showed in 2021 that 94 percent of adult survey respondents have a bank or credit union account, and the federal deposit insurance corporation's 2021 national survey of unbanked and underbanked households found that 95. 5 percent of all u. s. households were banked, which is the highest level since the survey began in 2009. 2 the fed's shed survey shows similar results. from 1989 to 2019, the percentage of u. s. adults with bank accounts rose from 85. 6 to 94. 5 percent. this is also true in the increased number of bank accounts owned by members of minority groups over the same time period, especially for black and hispanic consumers. black adults increased bank account ownership from 56. 7 to 86. 8 percent and hispanics increased from 63. 5 to 89. 5 percent. though these surveys show significant improvement over the past decades, there is still further progress to make. in fact, our shed survey data helps to identify characteristics of those who may choose not to use a deposit account or do not have access to one. the most recent survey results show that income and education may also play a factor - among the respondents, 24 percent of adults who have not earned a high school diploma and 17 percent of adults making less than $ 25, 000 a year did not own a deposit account. we also know that there are many factors that may lead consumers to choose not to engage in the banking system, whether from a distrust of the banking system or prior mishandling of a banking relationship being an impediment to account ownership. these broader gains in the number of consumers