This year’s annual FinHealth Spend Report examines how households in America managed their finances and accessed credit during the second year of the pandemic, analyzing year-over-year trends for more than two dozen financial products and services.
Understanding the needs and behaviors of consumers, especially those who have traditionally been overlooked by mainstream financial services, is key to improving financial health for all. With nearly a decade of market analysis and proprietary insights from our groundbreaking research, the Financial Health Network lays a foundation for businesses and policymakers to shape innovative strategies, product designs, and policies that can help more Americans achieve financial security.
For nearly a decade, this report has guided businesses and policymakers in pursuit of responsible financial health innovation. In 2021, the Financial Health Network has again reimagined the study, refreshing the methodology to create an even more valuable resource.
With this report – an evolution of our Financially Underserved Market Size Study – we shed light on how much households paid for a variety of everyday financial products and services in 2020, through lenses of financial health, income, race, and ethnicity.
Over a decade since the Occupy Wall Street movement took over New York City’s financial district to protest banks’ greed and growing wealth inequality, Americans are actually paying less for their banking.
American households spent nearly $11 billion on overdraft charges last year, a cost that the Consumer Financial Protection Bureau has labeled a “junk fee.” That number might seem staggering, but it’s actually a lot less than consumers used to pay pre-pandemic, according to the Financial Health Network’s FinHealth Spend Report 2022 released Thursday.
As the debate around student loan debt cancellation swirls, the pause on federal loan payments is having a pronounced effect on borrowers' bottom lines: It's saving them $1.5 billion each month in interest payments, a new report estimates.
Reduction attributed to student loan debt moratorium, pandemic-related decline in credit card debt and government stimulus funds allowing many to avoid high-cost lending; but underserved populations still pay greater proportion of fees and number of factors indicate likely rise in year ahead.
The use of buy now, pay later (BNPL) services has exploded over the past few years, and only now are we beginning to learn the impact of that boom. In March, the Financial Health Network released Buy Now, Pay Later: Implications for Financial Health.
What if there was an alternative to credit cards, enabling customers to finance the products they need at 0% interest? That's a real financial product, and it's called buy now, pay later (BNPL).
When Renee Whittick opened a checking account last year, the smallest financial tasks became easier.