Americans Are Seeking More Helpful Guidance From Their Financial Institutions to Cope
Aa inflation has reached a 40-year high, more Americans are drawing down on the estimated $2.5 trillion in extra savings they accumulated since the start of the COVID-19 pandemic. Household budgets are strained as wages have not kept pace with surging prices for everything from gas to food to rent. According to Federal Reserve data, The U.S. personal savings rate — the percentage of disposable income that consumers save — hit 5.4% in May, down from 12.4% in May 2021 and the lowest level since September 2008.
During this challenging time, an increasing number of consumers are desperate for more financial advice and guidance from their bank. J.D. Power’s 2022 US Retail Banking Advice Satisfaction Study revealed that despite 59% of retail bank customers saying they expect their financial institutions to help them improve their financial health, few banks are delivering. Overall customer satisfaction with the advice and guidance provided by national and regional banks is 30 points lower than it was the year prior. “The data make it crystal clear: Retail bank customers want guidance, but many aren’t receiving it,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “The tools banks have at their disposal aren’t always being used or, when they are, they are not used effectively.”
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