Overview

FinHealth Spend Research

Our FinHealth Spend research initiative 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 through the initiative have provided critical analysis to help financial institutions, policymakers, and innovators protect consumers while promoting opportunity and resilience. 

FinHealth Spend Research

Annual FinHealth Spend Report

The annual FinHealth Spend Report tracks how much Americans pay in interest and fees for products across the financial system. Drawing on extensive secondary research and a nationally representative survey, the report reveals broader financial trends, deep product-level insights, and spending disparities across demographic groups. 

FinHealth Spend Report 2023
Research Paper
FinHealth Spend

FinHealth Spend Report 2023

What are Americans paying for financial services as the country emerges from the COVID-19 pandemic? This year’s FinHealth Spend Report – our long-running national study on the costs of financial services to U.S. households – reveals that spending has soared in the past year amid a turbulent economy and persistent inflation.

Market Analysis
Jun 16, 2023

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Dive Deeper Into Product Trends

FinHealth Spend briefs take a closer look at usage and spending on specific products, from overdraft to life insurance. These briefs offer focused insights to help improve product design, policy initiatives, and consumer outcomes.  

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Methodology

FinHealth Spend research uses a unique multi-phase methodology that combines survey data with secondary research. We begin with in-depth secondary research and modeling to derive estimates of total spending on interest and fees by American households across dozens of financial products and services. This research is coupled with nationally representative survey data on household product use and outstanding debt over the previous 12 months. Pairing secondary analysis on spending with our survey data provides unique insight into how consumers navigate and use financial services.

History

The Evolution of FinHealth Spend

The FinHealth Spend initiative started in 2011 as The Underbanked Market Sizing Study, in partnership with Core Innovation Capital. Our research approach has evolved significantly since then, but the aim remains the same: to drive innovation that supports U.S. households by revealing the true costs of financial services. 

  • 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

    Building on our 2011 research, we expanded our lens with the Financially Underserved Market Size Study, recognizing the need to capture a broader range of consumers traditionally overlooked by mainstream providers. 

  • 2021

    Second research focus shift and updated methodology

    We reintroduced the report as FinHealth Spend, pairing extensive secondary research with a nationally representative survey on consumer spending to yield deeper insights. 

  • 2022

    10th report published

    We expanded the financial services we analyzed to include buy now, pay later; federal student loans; and ATM fees. 

  • 2025

    Expanded analysis and trend visibility

    We updated our overdraft estimates, introduced a new measure of household checking account ownership, and leveraged five years of continuous survey data to examine longer-term trends across key product areas. 

  • Looking ahead

    Deepening insights

    We aim to build on the FinHealth Spend initiative by delivering richer insights into how households manage their financial lives, informing providers, policymakers, and the broader financial health ecosystem. 

Our Supporter

Since 2020, the FinHealth Spend research initiative has been made possible by Prudential Financial.