The percentage of U.S. bank customers who are financially healthy has remained steady, but their overall concern regarding inflation has fallen, according to a new survey by J.D. Power. As of July, 31% percent of customers were financially healthy while 41% were vulnerable. Neither percentage has shifted much since the beginning of the year. J.D. Power measures financial health by combining customers’ spending/savings ratio, creditworthiness and safety net items like insurance coverage.
Nearly two-thirds (66%) of customers said they are struggling to keep up with the cost of goods, which was the lowest level so far this year. The drop suggests consumers are finding workarounds for higher prices, according to J.D. Power. Many banks have offered personal financial management tools to help customers cope with inflation, but only 40% said that they completely understand the data presented to them in their bank’s tool.
