FinHealth Spend Report 2022


To reveal the costs of financial services to U.S. households, we provide a set of objective data that can guide consumer protection as well as spur ideas for innovation. Learn how we gather annual research to estimate how much different groups are spending on interest and fees.

Methodology Overview

Leveraging the unique methodology that premiered in the 2021 report, we have continued to refine our approach for the 2022 publication:

  • We conducted extensive research on market size, fees and interest, and growth projections for dozens of financial products and services using the best-available secondary research as well as numerous expert interviews.
  • We fielded a nationally representative survey (n = 5,033) in November 2021 to understand household usage of a variety of financial products. We aligned this survey with our secondary analyses.
  • We utilized our secondary research to estimate national spending on each financial product and then used survey data to allocate spending among different demographic groups to reveal disparities and inequities in usage.

In 2022, we report estimates for calendar year 2020 as well as 2021, enabling us to see year-over-year trends. In many instances, 2020 estimates have been updated to include the most recent data available. Pairing this research with our survey data grants unique insight into how consumers are using financial services.

For some products, regular, vetted information is available, such as public filings or official government datasets, but others require significant extrapolation. All require some degree of estimation. We disclose our sources, as well as our level of confidence in the accuracy of our estimates, in Appendix II of the 2022 report. We welcome feedback on how we can continue to enhance our analyses.

Defining Usage by Households

This study utilizes the household as the primary unit of measurement. All survey respondents self-identified as the primary or co-decision-maker on household financial matters. For person-level characteristics, such as race and ethnicity, we used the characteristics of the respondent to represent the household.

 Products Analyzed

Transaction and deposit services
Includes fees incurred to utilize a variety of services that facilitate transactions or are associated with bank accounts, including:

  • Transaction account fees, such as overdraft, account maintenance fees, and ATM fees
  • Nonbank financial transaction services, including international remittances, check cashing, and money orders
  • Prepaid cards, such as payroll, government, and general-purpose reloadable cards

We also provide initial insight into earned wage access (EWA) products.

Credit services
Includes fees and interest on most non-mortgage consumer credit, such as:

  • General purpose and private label credit card revolving accounts, and secured cards
  • Auto loans and leases, including new; used; and buy here, pay here (BHPH) loans
  • Federal and private student loans
  • Installment loans
  • Alternative credit products, such as pawn loans, rent-to-own, title loans, payday loans, and refund anticipation checks

We also provide initial insight into buy now, pay later (BNPL) services.

Includes several products that manage risk by safeguarding against loss:

  • Homeowners and renters insurance
  • Auto insurance
  • Individual life insurance

Note that we have calculated these separately from other categories, given their differential revenue structure.

What is Financial Health?

The analysis we present throughout our FinHealth Spend research leverages the FinHealth Score® framework, which is based on eight survey questions that align with the indicators of financial health.

Learn More

FinHealth Spend Report 2022

See how American households managed their finances and accessed credit during the second year of COVID-19, with analysis of year-over-year trends for 26 financial products and services.

Read the Report