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More Americans Are Turning To Banks For Financial Planning

New Ipsos survey shows increasing numbers of Americans are concerned about their finances

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  • Written by  Banking Exchange staff
More Americans Are Turning To Banks For Financial Planning

Americans are increasingly looking to their banks to help them achieve their financial goals.

A survey by market research company Ipsos found 53% of Americans say their bank or bank’s financial advisor is important in helping them reach their financial goals, compared to 49% last year.

In particular, online banking apps are a popular resource, with 60% of Americans saying tools and tips on their digital banking app have helped them make financial progress.

Respondents were most interested in advice about investment strategies, with 43% selecting it as a topic for which they want to receive personal finance advice.

Other topics ranked highly by respondents were generating additional income streams, saving for large purchases and budgeting tips.

Around half of Americans use their digital banking platform to help them set financial goals and 53% of them report improvement in their financial progress since using their bank’s website or app.

The survey also found the vast majority of Americans (80%) cite their current overall financial situation as a cause of their financial anxiety.

Americans are primarily concerned that an unknown expense may come up, with 83% identifying it as the leading cause of their financial anxiety. The next most important causes were housing costs (67%) and family-related expenses (68%).

Meanwhile, only 43% of respondents believe they are making financial progress and 43% report that they currently do not make enough money to put anything into savings or investments after paying their expenses.

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