Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Mortgage rates hold steady, Freddie Mac says

May 9, 2025

Create An “Emergency – 911” Envelope

May 9, 2025

7 Diseases That Strike Women More Often Than Men — and Why

May 9, 2025
Facebook Twitter Instagram
Trending
  • Mortgage rates hold steady, Freddie Mac says
  • Create An “Emergency – 911” Envelope
  • 7 Diseases That Strike Women More Often Than Men — and Why
  • 10 Money Mistakes Everyone Should Avoid for Financial Health
  • 6 Warning Signs You’re Botching Best Way To Save Money and Don’t Know It
  • Fed holds interest rate steady as it waits to see impact of tariffs
  • Why Your Company’s AI Strategy Is Probably Backwards
  • IBM CEO: AI Replaced Hundreds of Human Resources Staff
Friday, May 9
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » More Americans seeking advice from financial institutions: report
Savings

More Americans seeking advice from financial institutions: report

News RoomBy News RoomAugust 6, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

In light of recent bank shutdowns and economic uncertainty, Americans said they are looking to their financial services providers for more advice, according to a survey by Morning Consult. 

“There’s been an uptick in the share of customers who have reached out to their banks, credit unions and credit card providers since last year,” Morning Consult said in its report. 

In fact, 45% of Americans said they received advice or assistance from their banks in March, Morning Consult reported. That’s up from 41% in February and 38% in March 2022. In addition, 50% of respondents said they received advice from their credit unions in March. 

“Fintech providers saw the greatest increase by far: Of those with a fintech provider, 74% said they received financial advice from a company professional in March, a massive 19-percentage-point increase from March 2022 and a big jump from the 60% who said the same in February,” Morning Consult said in its report. 

Many respondents also reported that they took steps toward achieving their financial goals in March, including 43% who said they have made progress eliminating debt, Morning Consult reported.

If you’re looking to erase high-interest debt, you could consider paying it off with a personal loan at a lower interest rate. Visit Credible to get your personalized rate in minutes. 

DEMAND FOR USED CARS LIKELY TO GROW AS CONSUMER SEEK AFFORDABILITY: EDMUNDS

Overall trust in banks remains positive 

Following the closures of financial institutions like Silicon Valley Bank (SVB) and Signature Bank, trust in the overall banking system slightly increased, according to a separate survey by Morning Consult.

Following the federal takeover of SVB and Signature Bank in March, 70% of respondents said “they trust banks to do what is right,” Morning Consult reported. That was an increase from 66% in February. 

In addition, only 10% of Americans said they moved their money after the fall of SVB, Signature Bank and Silvergate Capital, according to Morning Consult. Of those, 36% said they moved their money to a national bank. 

“The share of Americans with trust in banks slightly increased in wake of the collapse of three regional banks in early March,” Morning Consult said in its report. “A similar trend was true when it came to consumers’ trust in the nation’s 10 largest banks: Despite the tumultuous events, no bank saw a significant negative swing in trust. This proves that consumers were able to separate the actions of a few banks from the stability of the banking system overall.”

Nonetheless, many Americans said they believe that recent turmoil in the banking sector could severely affect more financial institutions. More than half (65%) of adults said they think more banks will be put into receivership by the Federal Deposit Insurance Corporation (FDIC), Morning Consult reported. 

If you’re concerned about the state of the economy, you could consider paying down high-interest debt with a personal loan at a lower rate. Visit Credible to compare options from different lenders at once, without affecting your credit score.

INFLATION NO LONGER THE TOP FINANCIAL CONCERN FOR MOST AMERICANS: SURVEY

Americans turn to BNPL for major purchases 

While many Americans have said they are seeking advice from their financial institutions, some have reported that they are resorting to buy now, pay later (BNPL) services to fund major purchases, according to a survey by Citizens Bank and Wakefield. 

In fact, 53% of respondents cited financial flexibility to fund big ticket purchases as the top benefit for using BNPL services, the survey said. Plus, 18% of consumers said they have used BNPL services to make purchases of $500 or more, while 46% of consumers who haven’t used BNPL said they would consider it for purchases of $500 or more. 

Still, these offers don’t come with potential setbacks. Particularly, 18% of BNPL users reported missing a payment in February and 21% said they paid late fees as a result, Morning Consult reported. 

If you’re struggling with high-interest debt, you could consider paying it off with a personal loan at a lower rate. Visit Credible to speak with a personal loan expert and see if this option is right for you. 

MOST AMERICANS SAY THEY CAN NO LONGER DEPEND ON SOCIAL SECURITY: SURVEY

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
 

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

8 Savings Commandments the Wealthy Secretly Ignore (and Still Get Rich)

Savings May 8, 2025

9 Facts Savers Hate Hearing About

Savings May 6, 2025

8 Genius Hacks to Master Best Saving Plan Without Breaking a Sweat

Savings May 5, 2025

Flip One Switch on 7 Appliances and Slice Next Month’s Utility Bill in Half

Savings May 4, 2025

5 Unconventional Tips to Save $100 a Month (Without Feeling Like You’re Sacrificing)

Savings April 25, 2025

The Best Place to Put Savings From A Side Hustle – Savings Bonds

Savings April 21, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Create An “Emergency – 911” Envelope

May 9, 20250 Views

7 Diseases That Strike Women More Often Than Men — and Why

May 9, 20250 Views

10 Money Mistakes Everyone Should Avoid for Financial Health

May 9, 20250 Views

6 Warning Signs You’re Botching Best Way To Save Money and Don’t Know It

May 9, 20250 Views
Don't Miss

Fed holds interest rate steady as it waits to see impact of tariffs

By News RoomMay 9, 2025

The Federal Reserve is keeping rates steady at its targeted range of 4% to 4.25%…

Why Your Company’s AI Strategy Is Probably Backwards

May 9, 2025

IBM CEO: AI Replaced Hundreds of Human Resources Staff

May 9, 2025

NBA Hall of Famer Paul Pierce Just Walked 20 Miles to Work

May 9, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Mortgage rates hold steady, Freddie Mac says

May 9, 2025

Create An “Emergency – 911” Envelope

May 9, 2025

7 Diseases That Strike Women More Often Than Men — and Why

May 9, 2025
Most Popular

American Eagle’s stock takes flight after Wall Street’s biggest bear says its time to stop selling

November 16, 20232 Views

Mortgage rates hold steady, Freddie Mac says

May 9, 20250 Views

Create An “Emergency – 911” Envelope

May 9, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.