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.

Looking out over a crowd of graduates donning their caps and gowns.

Education Finance

Working Paper

The Racial Wealth Gap, Financial Aid, and College Access

WP 22-32 – We examine how the racial wealth gap interacts with financial aid in American higher education to generate a disparate impact on college access and outcomes.

A Map of Racially Restrictive Covenants in the City of Philadelphia

An interactive look at the impact of discriminatory real estate practices on the people and economy of Philadelphia.


Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints

WP 22-34 – House price declines following the collapse of the housing bubble were associated with a drop in household consumption. We find that more than two-thirds of this is due to financial constraints, rather than a decline in housing wealth.

Consumer Finance

Working Paper

Scarcity and Intertemporal Choice

WP 22-27 – Nearly everyone feels that their financial resources are inadequate for their needs at some point or another. Existing research largely suggests that this perceived scarcity of resources prevents people from considering the future and leads them to prefer obtaining smaller, sooner amounts of resources rather than larger, later amounts of resources.





The Fourth Workshop on Payments, Lending, and Innovations in Consumer Finance

Federal Reserve Bank of Philadelphia

Q&A: Larry Santucci on Philadelphia's Racially Restrictive Covenants and Their Lasting Effects

The Bank’s Advisor and Research Fellow in the Consumer Finance Institute explores racially restrictive covenants in the city of Philadelphia and their lasting effects.

Consumer Credit

Working Paper

Reducing Strategic Default in a Financial Crisis

WP 21-36/R – We document that increasing penalties for default reduces strategic default in financial crises by exploiting the 2009 changes to Canadian consumer insolvency regulations.

Consumer Credit

Working Paper

Health Insurance and Young Adult Financial Distress

WP 19-54/R – We study how health-insurance eligibility affects financial distress for young adults using the Affordable Care Act’s (ACA) dependent coverage mandate — the part of the ACA that requires private health-insurance plans to cover individuals up to their 26th birthday.