Back to Content LibrarySeveral fintechs have emerged over the past decade to assist traditionally underserved consumers with financial products and services. Despite this progress, the Financial Health Network’s FinHealth Spend Report reveals that financially struggling households spent $255 billion on fees and interest related to everyday financial services in 2020 – 84% of total U.S. spending, despite comprising just 64% of the population.
With this report – an evolution of the 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. Significant disparities in spending suggest a need for further innovation, especially by fintechs well-positioned to support the underserved.