Americans are increasingly looking to their bank to help them make financial progress and achieve their financial goals, according to a new survey by market research company Ipsos on behalf of BMO Financial Group. Fifty-three percent of U.S. respondents said their bank or bank’s financial adviser is important in helping them reach their financial goals, up from 49% at the same time last year. The survey also found that eight in 10 respondents cited their current financial situation as a source of stress, with 82% expressing interest in some type of personal financial information.
As far as what types of financial information Americans are seeking, respondents said they were looking for investment strategies (43%), advice for generating additional income streams (37%), advice for saving for large purchases (27%), budgeting tips (26%) and information on debt management (24%). The survey also found that banking apps are becoming more popular, with six in 10 respondents saying the tips and tools in their digital banking app help them make financial progress. At the same time, nearly half of respondents (49%) set financial goals through their digital banking platform and report improvement in financial progress since using their digital banking platform (54%).