Santander US Research Finds Consumers Resilient Despite Uncertainty
24 Julho 2023 - 10:04AM
Business Wire
- Seven in 10 middle-income Americans (68%) believe they are
on the right track, despite concerns about inflation.
- Middle-income Americans are highly confident in banking, and
few have made behavioral shifts in response to recent banking
events.
Santander Holdings USA, Inc. (“Santander US”) today announced
findings from a new survey showing Americans remain optimistic
about their financial prospects, despite strong concerns about
inflation. The results show 68% of middle-income households believe
they are on the right track toward financial success, relatively
unmoved from the first quarter. While inflation is a top concern
for most respondents (80%), just 3% considered recent bank failures
a barrier to their financial prosperity.
Middle-income Americans overwhelmingly remain confident in
their banking providers and the banking sector, with few taking
meaningful actions in response to recent events in the industry,
according to the survey. The survey found 95% of middle-income
households remain confident in their banking provider and 84% are
confident in the banking sector. Eight in 10 middle-income
Americans (79%) say their behaviors have remained unchanged as a
result of recent bank failures, which are not viewed as an obstacle
to their ability to achieve financial prosperity. Only 5% of
respondents changed banking providers as result of the
turmoil.
“At Santander, we understand the important role banks have in
providing stability, support and 24/7 access to American
households, especially during times of uncertainty,” said Tim
Wennes, Santander US CEO. “This research helps us better understand
our customers’ needs and the challenges they are facing right now,
so we can meet our customers where they are, speak to their
challenges and deliver the support they need.”
The study, which builds upon research conducted in the first
quarter, assessed middle-income Americans’ current financial state
and future aspirations, with a focus on how current economic
conditions have impacted households. It also further explored
various drivers of financial prosperity—such as vehicle access and
access to financial services—as identified by middle-income
Americans in the initial Santander survey.
Vehicle Access
Vehicle access is a critical factor in achieving financial
prosperity, as nearly eight in 10 respondents (78%) require a
vehicle and nine in 10 say it provides them with more flexibility
in where they can live. Given the importance of vehicles in their
lives, about three-quarters of middle-income Americans (74%) are
willing to sacrifice other budgetary items to maintain access to a
vehicle. Pleasures such as eating out, vacations and entertainment
would be the first items to be cut, according to the survey. The
survey also found that, since the pandemic and the rise in auto
prices, cost considerations are the most important factors driving
vehicle purchase decisions.
Hybrid Banking
The survey further explored many middle-income Americans
increasing preference for digital banking access. Digital offerings
are one of the top factors influencing the selection of banking
providers, with 97% of middle-income Americans saying it is
important to them, including 75% who consider it very important.
More than 90% of respondents have completed a digital banking
transaction in the past month, a finding that was generally
consistent across generational cohorts. Additionally, most
middle-income customers (88%) are completing at least half of their
transactions digitally.
A Missed Opportunity?
While concerns about inflation persist, just over three in 10
middle-income Americans have moved deposits to higher-yielding
accounts in an effort to take advantage of rising interest rates
since the beginning of 2022. Still, 68% of middle-income Americans
have not moved deposits into higher-yielding accounts, possibly
leaving billions on the table in earned interest. Middle-income
customers appear to have interest in higher-yielding accounts
though. More than nine in 10 (93%) said competitive rates are an
important factor when selecting a banking provider, and when asked
what they would do with a $50,000 inheritance, saving it in a
high-yield account such as a savings account or CD ranked #2 on a
list of options.
The study was conducted by Morning Consult on behalf of
Santander US from May 23-24, 2023. The research surveyed 2,213
American bank and/or financial services customers, ages 18-76. All
participants have annual household income between $47,000 and
$142,000, and were employed or looking for work. The interviews
were conducted online, and the margin of error is +/- 2 percentage
points for the total audience at a 95% confidence level. The data
was weighted to target population proportions for a representative
sample based on age, gender, ethnicity, region, and
education.
The full report and more information about the Santander US
survey is available here.
About Santander US
Santander Holdings USA, Inc. (SHUSA) is a wholly-owned
subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)
(Santander), a global banking group with 161 million customers in
the U.S., Europe and Latin America. As the intermediate holding
company for Santander’s U.S. businesses, SHUSA is the parent
company of financial companies with approximately 13,700 employees,
4.5 million customers, and $168 billion in assets, as of December
2022. These include Santander Bank, N.A., Santander Consumer USA
Holdings Inc., Banco Santander International, Santander Securities
LLC, Santander US Capital Markets LLC and several other
subsidiaries. Santander US is recognized as a top 10 auto lender, a
top 10 multifamily lender, and a top 10 commercial real estate
lender, and has a growing wealth management business. For more
information about Santander US, please visit
www.santanderus.com.
Santander Bank, N.A. is a Member FDIC and a wholly owned
subsidiary of Banco Santander, S.A. © 2023 Santander Bank, N.A. All
rights reserved. Santander, Santander Bank, the Flame Logo are
trademarks of Banco Santander, S.A. or its subsidiaries in the
United States or other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20230724298399/en/
Media: Andrew Simonelli
andrew.simonelli@santander.us
Caroline Connolly
caroline.connolly@santander.us
Banco Santander (NYSE:SAN)
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