KeyBank Survey: Consumers feel financial stress, embrace digital tools

Amid growing financial stress and economic pressures, just 33% of Americans reported feeling savvy about their finances, compared to 43% a year ago, according to findings from the KeyBank 2023 Financial Mobility Survey released this week. Twenty-one percent of respondents said they experienced an uptick in loss of income over the past year, up from 16% in the previous year’s survey, while 40% said they felt certain they could come up with $2,000 to cover a financial emergency. That figure was down from 51% last year.

The survey also found, however, that a majority of consumers (85%) reported growth in their financial awareness, up from just 53% last year. Fifty-five percent said that financial information made them feel more financially resilient during the COVID-19 pandemic, followed by digital banking tools (47%) and advice from a financial adviser (36%).

The survey noted a 25% uptick in consumers who use digital banking services compared to the year prior. Seventy-two percent said they are comfortable with online banking, while 65% expressed comfort with mobile banking apps. Use of digital banking services was up across the board, including for bill pay (67% in 2023, up from 61%), checking credit scores (64%, up from 60%) and funds transfers (62%, up from 56%).