In July and August, only 32% of customers said that their bank completely supports them in challenging times. This is the metric that is most impactful on overall satisfaction scores.
Those whose finances are deemed unhealthy are less satisfied with their banks and are twice as likely to have been charged a fee in the last three months compared with those who are financially healthy.
There’s a perceived lack of information on how to navigate the tough times we are going through with higher inflation, rising interest rates, and recession.
Just 20% of respondents said they remember receiving any advice from their bank on how to prepare for inflation or save for a recession. The share who acted on the information was just 6%.
Customers said they want more information on these topics and on how to pay down debt in a recession.
