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Report
CFI COVID-19 Survey of Consumers — Wave 2 Updates, Impact by Race/Ethnicity, and Early Use of Economic Impact Payments
To gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security.
Report
Expectations of Student Loan Repayment, Forbearance, and Cancellation: Insights from Recent Survey Data
This report adds to our understanding of student borrower experiences with and future expectations of student loan repayment, forbearance, and loan cancellation using responses to the January 2022 and April 2022 waves of the COVID-19 Survey of Consumers conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI).
Report
CFI COVID-19 Survey of Consumers — Recovery Is Starting, but Not for Everyone
In an effort to gain insights into the impact of the COVID-19 pandemic on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security. Data presented here represent results from the eighth wave of the survey conducted between April 5 and 23, 2021
Report
CFI COVID-19 Survey of Consumers — Employment, Income, and Financial Security as of April 2022
This report shares results from Wave 12 of a national survey of consumers investigating the effects of COVID-19 on employment and income data, including employment through the crisis, income changes across the last three years, and financial security over the next three to 12 months. Results collected during the 12th COVID-19 Survey of Consumers in April 2022 reveal that metrics relating to employment, income, and financial concerns have resumed steady improvement since early 2021.
Discussion Paper
Meet People Where They Are: Building Formal Credit Using Informal Financial Traditions
The Consumer Finance Institute hosted a workshop in February 2019 featuring Jos Quionez, chief executive officer, and Elena Fairley, programs director, of Mission Asset Fund (MAF) to discuss MAF?s approach to helping its clients improve access to mainstream financial markets. MAF?s signature program, Lending Circles, adapts a traditional community-based financial tool known as a rotating savings and credit association (ROSCA) to help establish or expand credit reports for participants who may not be able to do so through traditional means. Lending Circles have served more than 10,000 clients ...
Report
CFI COVID-19 Survey of Consumers — Employment, Income, and Financial Security as January 2022
Results collected during the 11th COVID-19 Survey of Consumers in January 2022 reveal that, although job loss had dipped in the previous survey report, job loss increased from 9.2 percent to 10.0 percent, according to respondents at the beginning of this year. Lower-earning respondents, who had reported improved job loss since Wave 8 in April 2021, reported increased job loss in Wave 11. The percentage of respondents working onsite and working normal hours both decreased slightly, while 19.0 percent reported that their full-year income had decreased from 2020 to 2021. Concerns about making ...
Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
This paper explores the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. We conduct this analysis to evaluate concerns that BNPL use could negatively affect consumers’ financial health.
Discussion Paper
How Does Buy Now, Pay Later Affect Customers’ Credit?
In this paper, we explore the relationship between consumers’ use of buy now, pay later (BNPL) and their credit reports. BNPL is a deferred payment tool that allows consumers to split transactions into four payments over six weeks. Unlike many other financial products, it is offered primarily by fintech companies and advertised to consumers as free from fees and credit checks. These providers typically do not report a consumer’s use of BNPL and subsequent repayment behavior to credit bureaus, which makes studies of BNPL users’ credit more challenging. In this analysis, however, we ...
Report
CFI COVID-19 Survey of Consumers — An Assessment of the Financial Health and Stability of U.S. Consumers
In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia conducted a national survey of consumers that focused on changes in job status, income levels, and personal financial security. Additionally, we sought respondents’ attitudes toward various relief efforts proposed or enacted to support citizens during the pandemic. Data presented here represent results from the first wave of the survey conducted April 3‒10, 2020. The survey will be conducted up to six times through the end ...
Report
CFI COVID-19 Pandemic's Impact on Third District Consumers
This research brief highlights a survey that measures the pandemic’s effect on employment and financial status of consumers who live the Third District