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Market Analysis

FinHealth Spend Research

The FinHealth Spend Research estimates how much U.S. households pay each year for dozens of financial products and services, such as overdraft, credit cards, and auto loans. Since 2011, annual reports produced as part of the initiative have provided financial institutions, policymakers, and innovators with the analysis they need to help protect consumers while promoting opportunity and resilience.

FinHealth Spend Research

Overview

Objective Data, Unique Insights

FinHealth Spend Research analyzes data from extensive secondary research as well as a nationally representative survey to identify both macro-level trends in financial services and micro-level insights into specific products. 

    • Quickly access data about the financial products most relevant to your business or role.
    • Explore major shifts influencing outcomes for your customers, employees, or communities.
    • Discover deep-rooted disparities and identify areas where you can work to promote equity.

Latest Research

Read our two most recent FinHealth Spend Reports, showing how much U.S. consumers spent on fees and interest during the pandemic.

FinHealth Spend Research 2023 - online shopping
FinHealth Spend Research 2023

Amid historic inflation and an uncertain economy, Americans increased spending on interest and fees for financial services with vulnerable populations disproportionately struggling.

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FinHealth Spend Research 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.

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FinHealth Spend Research 2021

Learn how much Financially Coping and Vulnerable Americans paid to access everyday financial services as they balanced pandemic-related pressures amid persistent inequities.

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See Archive of all Past Reports.

FinHeath Spend Media Coverage

Bloomberg
Forbes
The Washington Post
Wall Street Journal

Research and Methodology

Every year, the Financial Health Network conducts extensive research on dozens of financial products to estimate how much Americans pay in interest and fees for various financial services. Since 2021, we have also fielded an annual, nationally representative survey – aligned with our secondary analysis – to understand household usage of various financial products. This approach allows us to allocate estimates of spending among different demographic groups to reveal disparities and inequities in usage.

Learn more about our 2022 methodology and how we define financial health.

History

The Evolution of FinHealth Spend

In 2011, the Financial Health Network debuted a paper titled “The Underbanked Market Size Study” in partnership with Core Innovation Capital, analyzing the U.S. financially underserved market. Although the report’s title and methodologies have changed, our aim has remained the same: to reveal the costs of financial services to U.S. households. 

  • 2011: First report published. We analyzed the market size for underbanked customers – people with a bank account who also rely on alternative financial services – as well as unbanked individuals.  
  • 2013: First research focus shift. We evolved the report to become The Financially Underserved Market Size Study, recognizing the wide range of consumers who had traditionally been overlooked by mainstream providers.
  • 2021: Second research focus shift and updated methodology. We renamed the report to FinHealth Spend, pairing extensive secondary research with a nationally representative survey on consumer spending.
  • 2022: 10th report published. We expanded the financial services we analyzed, including buy now, pay later; federal student loans; and ATM fees.

Our Supporter

Since 2020, FinHealth Spend Research has been made possible by Prudential Financial.

Latest

FinHealth Spend Report 2023

This year’s FinHealth Spend Report reveals that spending has soared in the past year amid a turbulent economy and persistent inflation.

Read the Latest Report

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