Affordabilty and cost of living

32% of members spend a quarter or more of their monthly income on transportation. And 43% of members report their lives are limited because they can’t afford adequate transportation.

71% of young adult members told us they worry at least some of the time about covering basic necessities like food, rent, and transportation. 59% of members reported that student loan debt has become a bigger source of stress over the past year. Among those, 68% said the main reason for that is “the cost of everyday expenses has gone up”.

More than a third (34%) of members had problems making at least one housing payment in the prior year, including 41% of renters and 24% of homeowners. However, a much greater number – 63% – made financial sacrifices, such as taking on gig work or spending less on groceries, in order to make housing payments.

Even after accounting for income and other factors, fintech credit users—particularly those using Cash Advance and Earned Wage Advance (EWA)—are more likely to experience financial hardship than non-users.