FSA Statistics

Goals

To obtain information about FSA (flexible spending account), including how much money is lost in FSA accounts, what percentage of FSA users lose their money, and what percentage of FSA account balances are wasted every year.

Early Findings

  • According to estimates obtained from the "2017 FSA and HSA Consumer Research conducted by VISA", more than $400 million is usually forfeited yearly in FSA funds.
  • The reason for this forfeiture of funds is "because employees either miss or forget their spending deadlines".
  • CNBC reports that currently just about 13% of Americans have an FSA account.
  • In terms of health, only an estimated 17% of Americans have a health savings account (HSA).
  • Members of Generation X (19%) have the highest number of health savings accounts in the United States, followed by Millennials (18%).

Proposed next steps:

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