Report: Consumers Want Banks’ Help to Improve Financial Health

According to a recent J.D. Power report that polled U.S. banking customers, 83% of respondents say that it is at least somewhat important that banks offer ways to improve their financial health. When asked to evaluate how their bank supported their financial well-being, 74% responded favorably, with roughly a third characterizing their bank’s support as “good,” while a total of 42% saying their experience has been “great,” “excellent” or “perfect.”

The report also noted that inflation stress is leading financially vulnerable Americans to want to get paid more frequently. The report found that 62% of bank customers say the prices of goods are increasing faster than their income, and that sentiment is more common among customers that are financially vulnerable or stressed.

The most common pay frequency for all workers is every two weeks (59%), but 35% say they prefer to get paid once a week. Despite that, however, only 19% said they currently receive weekly paychecks. The desire to get paid weekly is higher among hourly workers at 50% (26% of hourly workers are paid weekly) versus 22% for salaried employees (12% of which are paid weekly). Overall, 51% of workers would consider switching jobs for more frequent pay, including 76% of hotel/food service workers.