Santander US Research Finds Consumers Resilient Despite Uncertainty

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.