Consumer Finance
Our Consumer Finance Institute researches how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Our goal is to foster a healthy consumer sector, a stable financial system, and a resilient regional and national economy.
Brief
4-in-6 Payment Products — Buy Now, Pay Later Data from the LIFE Survey (2025)
This report presents an analysis of trends in 4-in-6 usage, demographics, and consumers’ financial health from CFI surveys collected in January 2023, January 2024, and January 2025 that cover respondents’ use of 4-in-6 payment products during the last three holiday seasons.
Working Paper
The Effect of the Great Recession on Student Loan Borrowing and Repayment
WP 25-13 – We study the long-term effect of the Great Recession on federal student loan borrowing and repayment. Using detailed longitudinal data on federal student loan borrowers, we compare labor markets that faced varying degrees of unemployment severity during the economic downturn.
Conference Summary
Workshop on Changing Demographics and Housing Demand
On October 24 and 25, 2024, the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI) and Fannie Mae’s Economic and Strategic Research Group (ESR) cohosted a hybrid conference on the topic of changing U.S. population demographics and their influence on housing demand and housing finance.
Labor, Income, Finances, and Expectations (LIFE) Survey
26 Feb ’25
The Labor, Income, Finances, and Expectations (LIFE) Survey collects data on topics related to the Consumer Finance Institute’s mission to better understand how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy.
Event
Nov
6-7
2025
New Perspectives on Consumer Behavior in Credit and Payments Markets Conference – 2025
Federal Reserve Bank of Philadelphia
Report
How Americans Use Social Media for Financial Advice
Social media has become a popular source for financial advice. Surveys indicate that people, especially those in younger generations, are increasingly turning to social media platforms for advice on various financial topics, including budgeting, saving, and investing.(1)
Report
Trust and Credibility: Comparing Sources of Financial Advice
Financial decision-making encompasses a wide range of topics, from how to optimize day-to-day budgeting to how to maximize your retirement resources to how to pick from hundreds of investment options.