GITNUXREPORT 2026

Consumer Financial Services Industry Statistics

The consumer finance industry saw growth in digital services and deposits but struggled with debt and high interest rates.

Alexander Schmidt

Research Analyst specializing in technology and digital transformation trends.

First published: Feb 13, 2026

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Statistic 1

U.S. personal auto insurance premiums reached $350 billion in 2023, up 12% YoY.

Statistic 2

Homeowners insurance claims averaged $14,000 per policy in 2023 due to weather events.

Statistic 3

Life insurance coverage gap affected 45% of U.S. families in 2023 surveys.

Statistic 4

Health insurance premiums for individual plans averaged $7,739 annually in 2023.

Statistic 5

28% of uninsured adults cited cost as reason in 2023 Census data.

Statistic 6

Pet insurance policies grew 20% to 4.1 million in U.S. in 2023.

Statistic 7

Average renters insurance premium was $180 per year in 2023.

Statistic 8

Cyber insurance for consumers saw 150% demand surge post-2023 breaches.

Statistic 9

91% of U.S. drivers carried auto insurance in 2023, per AAA.

Statistic 10

Term life insurance sales hit $12 billion in premiums in 2023.

Statistic 11

Flood insurance policies totaled 4.8 million, covering $1.4 trillion in assets in 2023.

Statistic 12

Disability insurance penetration was 33% among working-age consumers in 2023.

Statistic 13

Travel insurance uptake reached 40% for international trips in 2023.

Statistic 14

Average whole life policy premium was $3,200 annually for $250k coverage in 2023.

Statistic 15

Umbrella insurance policies grew 25% to 2 million in 2023.

Statistic 16

52% of millennials lacked adequate life insurance in 2023 LIMRA study.

Statistic 17

Home insurance deductibles averaged $1,500 for consumers in 2023.

Statistic 18

Long-term care insurance lapsed for 8% of policies in 2023.

Statistic 19

U.S. consumer lending market size reached $4.9 trillion in outstanding personal loans as of 2023.

Statistic 20

Auto loan delinquency rate hit 4.1% in Q4 2023, highest since 2010 for consumer lending.

Statistic 21

Total U.S. credit card debt stood at $1.13 trillion in Q4 2023, up 8.5% YoY.

Statistic 22

Average new auto loan amount was $39,500 in 2023, with terms averaging 69 months.

Statistic 23

Student loan balances totaled $1.6 trillion in 2023, with 42 million borrowers in default risk.

Statistic 24

Personal loan originations grew 15% to $220 billion in 2023 amid rising BNPL alternatives.

Statistic 25

Mortgage delinquency rate for consumer loans was 3.8% in Q3 2023, per MBA data.

Statistic 26

Average APR for consumer credit cards reached 21.5% in 2023, highest in 20 years.

Statistic 27

U.S. payday loan volume was $9.3 billion in 2022, with 12 million users annually.

Statistic 28

HELOC balances outstanding hit $320 billion in 2023, up 10% as home equity lending surges.

Statistic 29

37% of consumers used buy now pay later (BNPL) for purchases over $500 in 2023.

Statistic 30

Consumer loan charge-off rates averaged 4.2% for banks in 2023.

Statistic 31

Total U.S. installment loan debt reached $500 billion in Q4 2023.

Statistic 32

Women held 45% of consumer loan originations in 2023, closing gender gap.

Statistic 33

Subprime auto loan shares grew to 22% of originations in 2023.

Statistic 34

Refinance mortgage volume for consumers dropped 60% YoY to 25% of total in 2023.

Statistic 35

Average personal loan APR was 11.5% for prime borrowers in 2023.

Statistic 36

28% of consumers carried payday loan debt over 6 months in 2022 surveys.

Statistic 37

Consumer debt service ratio hit 9.8% of disposable income in Q3 2023.

Statistic 38

U.S. digital payments volume reached 192 billion transactions in 2023, up 12% YoY.

Statistic 39

P2P payment apps like Venmo processed $300 billion in 2023, with 80 million users.

Statistic 40

Credit card payment share was 27% of U.S. e-commerce volume at $1.2 trillion in 2023.

Statistic 41

ACH payments grew to 30 billion annually in 2023, handling $76 trillion in value.

Statistic 42

Contactless card payments surged 40% to 15 billion taps in U.S. in 2023.

Statistic 43

Digital wallet adoption hit 49% of U.S. smartphone users in 2023 for payments.

Statistic 44

Real-time payments via RTP network processed 500 million transactions worth $20 trillion in 2023.

Statistic 45

Checks still accounted for 18 billion payments in 2022, down 5% YoY.

Statistic 46

76% of U.S. consumers used mobile payments weekly in 2023 surveys.

Statistic 47

Buy Now Pay Later transaction volume hit $24 billion in U.S. holiday season 2023.

Statistic 48

Debit card payments overtook credit at 52% of plastic transactions in 2023.

Statistic 49

Cross-border payment remittances totaled $150 billion via digital channels in 2023.

Statistic 50

NFC payment terminals reached 90% coverage in U.S. retail by end-2023.

Statistic 51

Stablecoin transaction volume exceeded $6 trillion on consumer payment rails in 2023.

Statistic 52

65% of Gen Z preferred digital payments over cash in 2023 PYMNTS study.

Statistic 53

U.S. wire transfers handled $1.5 quadrillion in value via Fedwire in 2023.

Statistic 54

QR code payments grew 300% to 2 billion scans in U.S. in 2023.

Statistic 55

Fraud losses in payments totaled $10.2 billion in 2023, up 15% YoY.

Statistic 56

Tokenized payments prevented $2.8 billion in fraud for consumers in 2023.

Statistic 57

In 2023, U.S. retail bank deposits totaled $18.2 trillion, reflecting a 3.8% year-over-year growth driven by higher interest rates attracting savers.

Statistic 58

As of Q4 2023, the average savings account balance for U.S. households was $42,000, up 12% from pre-pandemic levels due to stimulus savings.

Statistic 59

In 2022, 68% of U.S. adults had a checking account, with millennials showing the highest usage at 75% according to FDIC data.

Statistic 60

U.S. community banks held 14% of total retail deposits amounting to $2.5 trillion in 2023, focusing on local consumer services.

Statistic 61

Mobile banking app adoption reached 78% among U.S. retail banking customers in 2023, with 52% using it daily for transactions.

Statistic 62

In 2023, overdraft fees generated $8.4 billion for U.S. retail banks, though 45% of banks reduced fees following regulatory pressure.

Statistic 63

U.S. retail branches numbered 78,500 in 2023, down 12% from 2019, as digital shift accelerates branch closures.

Statistic 64

62% of unbanked U.S. households in 2021 cited distrust in banks as a reason, per FDIC's national survey.

Statistic 65

Average retail mortgage rate for 30-year fixed loans hit 7.8% in late 2023, impacting consumer home financing.

Statistic 66

In 2023, 41% of U.S. retail bank customers used voice assistants for balance inquiries, up from 28% in 2021.

Statistic 67

U.S. retail banks' net interest margin averaged 3.25% in Q3 2023, boosted by Fed rate hikes.

Statistic 68

55% of Gen Z consumers opened their first retail bank account via mobile apps in 2023.

Statistic 69

Retail CD rates averaged 5.1% APY for 12-month terms in December 2023 amid high-yield competition.

Statistic 70

In 2022, U.S. retail banks issued 15 million new debit cards with contactless features.

Statistic 71

72% of U.S. retail banking customers reported satisfaction with digital security measures in 2023 surveys.

Statistic 72

U.S. retail money market account balances grew to $1.1 trillion in 2023, a 22% increase YoY.

Statistic 73

29% of retail bank customers switched providers in 2023 due to better digital experiences.

Statistic 74

Average retail checking account fees totaled $12 annually per account in 2023.

Statistic 75

In 2023, 64% of U.S. households used direct deposit for retail banking payroll.

Statistic 76

Retail banks' ATM network shrank to 45,000 in 2023, with 80% now fee-free for customers.

Statistic 77

U.S. household investment assets totaled $124 trillion in Q4 2023.

Statistic 78

58% of U.S. families owned stock directly or indirectly in 2022 SCF data.

Statistic 79

Robo-advisor AUM reached $1.5 trillion globally, $380 billion in U.S. 2023.

Statistic 80

Average 401(k) balance for 45-54 year olds was $168,600 in 2023.

Statistic 81

ESG investment funds held $4.5 trillion in U.S. consumer assets in 2023.

Statistic 82

34% of consumers used financial advisors in 2023, down from 42% in 2019.

Statistic 83

IRA assets grew to $13.6 trillion in U.S. retirement savings 2023.

Statistic 84

Cryptocurrency holdings by U.S. consumers averaged $1,200 per investor in 2023.

Statistic 85

Target-date fund allocations reached 30% of 401(k) assets in 2023.

Statistic 86

Median net worth for U.S. households under 35 was $39,000 in 2022.

Statistic 87

Annuity sales hit $385 billion in 2023, driven by fixed indexed products.

Statistic 88

22% of consumers invested in alternatives like real estate via platforms in 2023.

Statistic 89

High-net-worth individuals (>$1M) numbered 7.4 million in U.S. 2023.

Statistic 90

Sustainable investing AUM for consumers was $8.4 trillion in 2022, growing 12%.

Statistic 91

Average brokerage account balance was $52,000 for retail investors in 2023.

Statistic 92

401(k) contribution rates averaged 8.5% of salary in 2023 Vanguard data.

Statistic 93

Women controlled 32% of investable assets totaling $20 trillion in 2023.

Statistic 94

Index fund share of equity mutual funds hit 51% in 2023.

Statistic 95

Median retirement savings for ages 55-64 was $185,000 in 2023.

Statistic 96

Fintech investment apps like Robinhood had 13 million funded accounts in 2023.

1/96

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From soaring savings to shifting digital landscapes, the Consumer Financial Services Industry is transforming how Americans save, spend, and secure their futures, evidenced by everything from a staggering $18.2 trillion in bank deposits to the quiet surge of fintech apps reshaping everyday finance.

Key Takeaways

In 2023, U.S. retail bank deposits totaled $18.2 trillion, reflecting a 3.8% year-over-year growth driven by higher interest rates attracting savers.
As of Q4 2023, the average savings account balance for U.S. households was $42,000, up 12% from pre-pandemic levels due to stimulus savings.
In 2022, 68% of U.S. adults had a checking account, with millennials showing the highest usage at 75% according to FDIC data.
U.S. consumer lending market size reached $4.9 trillion in outstanding personal loans as of 2023.
Auto loan delinquency rate hit 4.1% in Q4 2023, highest since 2010 for consumer lending.
Total U.S. credit card debt stood at $1.13 trillion in Q4 2023, up 8.5% YoY.
U.S. digital payments volume reached 192 billion transactions in 2023, up 12% YoY.
P2P payment apps like Venmo processed $300 billion in 2023, with 80 million users.
Credit card payment share was 27% of U.S. e-commerce volume at $1.2 trillion in 2023.
U.S. personal auto insurance premiums reached $350 billion in 2023, up 12% YoY.
Homeowners insurance claims averaged $14,000 per policy in 2023 due to weather events.
Life insurance coverage gap affected 45% of U.S. families in 2023 surveys.
U.S. household investment assets totaled $124 trillion in Q4 2023.
58% of U.S. families owned stock directly or indirectly in 2022 SCF data.
Robo-advisor AUM reached $1.5 trillion globally, $380 billion in U.S. 2023.

The consumer finance industry saw growth in digital services and deposits but struggled with debt and high interest rates.

Consumer Insurance

U.S. personal auto insurance premiums reached $350 billion in 2023, up 12% YoY.
Homeowners insurance claims averaged $14,000 per policy in 2023 due to weather events.
Life insurance coverage gap affected 45% of U.S. families in 2023 surveys.
Health insurance premiums for individual plans averaged $7,739 annually in 2023.
28% of uninsured adults cited cost as reason in 2023 Census data.
Pet insurance policies grew 20% to 4.1 million in U.S. in 2023.
Average renters insurance premium was $180 per year in 2023.
Cyber insurance for consumers saw 150% demand surge post-2023 breaches.
91% of U.S. drivers carried auto insurance in 2023, per AAA.
Term life insurance sales hit $12 billion in premiums in 2023.
Flood insurance policies totaled 4.8 million, covering $1.4 trillion in assets in 2023.
Disability insurance penetration was 33% among working-age consumers in 2023.
Travel insurance uptake reached 40% for international trips in 2023.
Average whole life policy premium was $3,200 annually for $250k coverage in 2023.
Umbrella insurance policies grew 25% to 2 million in 2023.
52% of millennials lacked adequate life insurance in 2023 LIMRA study.
Home insurance deductibles averaged $1,500 for consumers in 2023.
Long-term care insurance lapsed for 8% of policies in 2023.

Consumer Insurance Interpretation

While our cars, homes, and even pets are increasingly wrapped in financial padding, a staggering number of Americans are themselves dangerously underinsured, revealing a sobering paradox where we diligently protect our possessions yet gamble profoundly on our own health, lives, and livelihoods.

Consumer Lending

U.S. consumer lending market size reached $4.9 trillion in outstanding personal loans as of 2023.
Auto loan delinquency rate hit 4.1% in Q4 2023, highest since 2010 for consumer lending.
Total U.S. credit card debt stood at $1.13 trillion in Q4 2023, up 8.5% YoY.
Average new auto loan amount was $39,500 in 2023, with terms averaging 69 months.
Student loan balances totaled $1.6 trillion in 2023, with 42 million borrowers in default risk.
Personal loan originations grew 15% to $220 billion in 2023 amid rising BNPL alternatives.
Mortgage delinquency rate for consumer loans was 3.8% in Q3 2023, per MBA data.
Average APR for consumer credit cards reached 21.5% in 2023, highest in 20 years.
U.S. payday loan volume was $9.3 billion in 2022, with 12 million users annually.
HELOC balances outstanding hit $320 billion in 2023, up 10% as home equity lending surges.
37% of consumers used buy now pay later (BNPL) for purchases over $500 in 2023.
Consumer loan charge-off rates averaged 4.2% for banks in 2023.
Total U.S. installment loan debt reached $500 billion in Q4 2023.
Women held 45% of consumer loan originations in 2023, closing gender gap.
Subprime auto loan shares grew to 22% of originations in 2023.
Refinance mortgage volume for consumers dropped 60% YoY to 25% of total in 2023.
Average personal loan APR was 11.5% for prime borrowers in 2023.
28% of consumers carried payday loan debt over 6 months in 2022 surveys.
Consumer debt service ratio hit 9.8% of disposable income in Q3 2023.

Consumer Lending Interpretation

Americans are using tomorrow's money for today's prices at yesterday's interest rates, a strategy that's working as well as you'd expect given the record delinquencies and trillion-dollar balances stacking up.

Payment Services

U.S. digital payments volume reached 192 billion transactions in 2023, up 12% YoY.
P2P payment apps like Venmo processed $300 billion in 2023, with 80 million users.
Credit card payment share was 27% of U.S. e-commerce volume at $1.2 trillion in 2023.
ACH payments grew to 30 billion annually in 2023, handling $76 trillion in value.
Contactless card payments surged 40% to 15 billion taps in U.S. in 2023.
Digital wallet adoption hit 49% of U.S. smartphone users in 2023 for payments.
Real-time payments via RTP network processed 500 million transactions worth $20 trillion in 2023.
Checks still accounted for 18 billion payments in 2022, down 5% YoY.
76% of U.S. consumers used mobile payments weekly in 2023 surveys.
Buy Now Pay Later transaction volume hit $24 billion in U.S. holiday season 2023.
Debit card payments overtook credit at 52% of plastic transactions in 2023.
Cross-border payment remittances totaled $150 billion via digital channels in 2023.
NFC payment terminals reached 90% coverage in U.S. retail by end-2023.
Stablecoin transaction volume exceeded $6 trillion on consumer payment rails in 2023.
65% of Gen Z preferred digital payments over cash in 2023 PYMNTS study.
U.S. wire transfers handled $1.5 quadrillion in value via Fedwire in 2023.
QR code payments grew 300% to 2 billion scans in U.S. in 2023.
Fraud losses in payments totaled $10.2 billion in 2023, up 15% YoY.
Tokenized payments prevented $2.8 billion in fraud for consumers in 2023.

Payment Services Interpretation

It’s a paradox where we can beam a trillion dollars across the globe in seconds yet still cut 18 billion checks, proving that while we sprint into a digital future, our financial habits have one foot endearingly stuck in the past.

Retail Banking

In 2023, U.S. retail bank deposits totaled $18.2 trillion, reflecting a 3.8% year-over-year growth driven by higher interest rates attracting savers.
As of Q4 2023, the average savings account balance for U.S. households was $42,000, up 12% from pre-pandemic levels due to stimulus savings.
In 2022, 68% of U.S. adults had a checking account, with millennials showing the highest usage at 75% according to FDIC data.
U.S. community banks held 14% of total retail deposits amounting to $2.5 trillion in 2023, focusing on local consumer services.
Mobile banking app adoption reached 78% among U.S. retail banking customers in 2023, with 52% using it daily for transactions.
In 2023, overdraft fees generated $8.4 billion for U.S. retail banks, though 45% of banks reduced fees following regulatory pressure.
U.S. retail branches numbered 78,500 in 2023, down 12% from 2019, as digital shift accelerates branch closures.
62% of unbanked U.S. households in 2021 cited distrust in banks as a reason, per FDIC's national survey.
Average retail mortgage rate for 30-year fixed loans hit 7.8% in late 2023, impacting consumer home financing.
In 2023, 41% of U.S. retail bank customers used voice assistants for balance inquiries, up from 28% in 2021.
U.S. retail banks' net interest margin averaged 3.25% in Q3 2023, boosted by Fed rate hikes.
55% of Gen Z consumers opened their first retail bank account via mobile apps in 2023.
Retail CD rates averaged 5.1% APY for 12-month terms in December 2023 amid high-yield competition.
In 2022, U.S. retail banks issued 15 million new debit cards with contactless features.
72% of U.S. retail banking customers reported satisfaction with digital security measures in 2023 surveys.
U.S. retail money market account balances grew to $1.1 trillion in 2023, a 22% increase YoY.
29% of retail bank customers switched providers in 2023 due to better digital experiences.
Average retail checking account fees totaled $12 annually per account in 2023.
In 2023, 64% of U.S. households used direct deposit for retail banking payroll.
Retail banks' ATM network shrank to 45,000 in 2023, with 80% now fee-free for customers.

Retail Banking Interpretation

It seems we're collectively addicted to the convenience of tapping our phones to manage money that's increasingly flowing into digital accounts, yet we're still haunted by a deep-seated distrust of the institutions holding it, all while they quietly profit from the spread between what they pay us and charge us.

Wealth Management

U.S. household investment assets totaled $124 trillion in Q4 2023.
58% of U.S. families owned stock directly or indirectly in 2022 SCF data.
Robo-advisor AUM reached $1.5 trillion globally, $380 billion in U.S. 2023.
Average 401(k) balance for 45-54 year olds was $168,600 in 2023.
ESG investment funds held $4.5 trillion in U.S. consumer assets in 2023.
34% of consumers used financial advisors in 2023, down from 42% in 2019.
IRA assets grew to $13.6 trillion in U.S. retirement savings 2023.
Cryptocurrency holdings by U.S. consumers averaged $1,200 per investor in 2023.
Target-date fund allocations reached 30% of 401(k) assets in 2023.
Median net worth for U.S. households under 35 was $39,000 in 2022.
Annuity sales hit $385 billion in 2023, driven by fixed indexed products.
22% of consumers invested in alternatives like real estate via platforms in 2023.
High-net-worth individuals (>$1M) numbered 7.4 million in U.S. 2023.
Sustainable investing AUM for consumers was $8.4 trillion in 2022, growing 12%.
Average brokerage account balance was $52,000 for retail investors in 2023.
401(k) contribution rates averaged 8.5% of salary in 2023 Vanguard data.
Women controlled 32% of investable assets totaling $20 trillion in 2023.
Index fund share of equity mutual funds hit 51% in 2023.
Median retirement savings for ages 55-64 was $185,000 in 2023.
Fintech investment apps like Robinhood had 13 million funded accounts in 2023.

Wealth Management Interpretation

While Americans are collectively sitting on a mountain of wealth so vast it could buy the moon, the individual view reveals a precarious climb where robo-advisors are gaining on humans, 401(k)s are looking surprisingly average, and millennials are still packing for base camp.

Sources & References

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