More than half of bank and credit union account holders say they remain with their institutions only because switching banks would be too hard, and many would consider switching if their institutions failed to provide adequate support during major life events, according to a new survey.
The survey by financial technology solutions provider CSI found that 51% of account holders stay with their institutions only because switching feels hard. Forty percent of respondents said they have already considered switching.
More than four in five respondents (83%) said they would stay with their institutions if their banks guided them through a major life event, such as marriage, having a child, purchasing a home or planning for retirement. Three-quarters of respondents said they want guidance tailored to their life milestones.
Account holders currently navigating a life event said they are balancing an average of 6.1 financial responsibilities at once, according to the survey. Rent or mortgage payments were the most frequently selected top three sources of stress, at 29%. More than two-thirds of respondents (67%) said they feel more financially stressed than they did a year ago.
