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2025 Key Findings

The 2025 Cash Poor Report:

Most Americans are middle class, working, and Cash Poor living paycheck to paycheck. This is a fact that continues to be true. Our 2023 Cash Poor report welcomed a fresh perspective on this consumer, their total cost and options they have to make ends meet. The 2025 report continues its mission.

The 2025 Cash Poor Report was conducted in partnership with Opinium Research, Pace University, The Global Black Economic Forum, The Aspen Institute Financial Security Program, SoLo Funds and the Independent Women’s Forum. The resulting report, concluded by Professor Tamir Harosh from Pace University, provides much needed understanding of this group of Americans and determines the total true cost of borrowing for Cash Poor Americans aka the middle class.

The study surveyed a U.S. representative sample of American adults spanning Gen Z, Millennials, Gen X, Boomers and the Silent Generation. This year’s report revealed this group of Cash Poor Americans paid more than $39 billion dollars in fees–beyond the advertised Annual Percentage Rate (APR)–when seeking short-term capital, a 34% increase from 2023. Subprime credit cards emerged as the most expensive option again, while fintechs as a whole continued to rank as the most affordable options for the second consecutive year.

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2025 Key Findings
Key Terms to Access the Total Cost
How Consumers Take Control of Borrowing Pitfalls
I'm disabled and on social security. My income just barely pays for my expenses. Still need to go to the food shelf, buy used clothing, and rely on local churches for help.
Female, 64, Minnesota
I’m constantly living paycheck to paycheck, which has kept me from seeing a dentist in well over a decade, which makes me incredibly anxious all the time.
Male, 36, Illinois
Cost of living coupled with medical bills, unexpected auto repairs and home repairs have overwhelmed my husband and I and caused us great anxiety.
Female, 64, Florida
It was a horrible situation at the worst time. Had to get the car fixed to work. Family was understanding and more than happy to help. Don’t know what I would have done without them.
Male, 27, Utah
I am a single mother, I work full time. Everything has gone up but my pay. I never have the money I need.
Female, 32, Michigan
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The 2023 Cash Poor Report:

It’s no secret that many Americans live paycheck to paycheck. With inflation on the rise, families are doing what they must to make ends meet. But what happens when an emergency occurs? A new term for lending, Total Cost Rate, removes the fluff to provide a real look at what people must pay when dealing with unplanned expenses. To help explain this in detail, SoLo Funds commissioned a study by research firms Opinium and the Center for Economic Business and Research (CEBR).

The resulting report, authored by Professor Melody Harvey from the University of Wisconsin, determines the total cost of borrowing for common options to cover unplanned expenses. This report looks at “cash-poor” households, those that live paycheck to paycheck, and includes a sample size of 2,000 U.S. adults. Consumers deserve to understand how much borrowing truly costs and what options they have.

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The 2025 Cash Poor Report: The True Cost of Living Paycheck to Paycheck
The 2025 Cash Poor Report: The True Cost of Living Paycheck to Paycheck