As more retail bank customers struggle to pay their bills on time, many of them are looking to their banks for financial advice, according to a new survey by J.D. Power.
The firm said that 43% of retail bank customers are now “financially vulnerable,” up from 27% five years ago. At the same time, more than one-fourth (26%) of customers say they are “very interested” in receiving bank advice or guidance, up from just 19% in 2021. Customers under the age of 40 were more likely to seek out such advice.
The top four topics on which customers are actively seeking guidance focus on immediate concerns and fear of future financial challenges, according to J.D. Power. Examples include quick tips and information to help improve their financial situation, ways to help save for emergencies, quick tips to help stick to a budget, and saving for a goal or large purchase.
The survey also found that overall customer satisfaction with retail banking advice was flat year over year, but customer recollection of financial advice improved dramatically. This year, 46% of retail bank customers recalled receiving financial advice, up from 42% in 2024 and 34% in 2021.
