Santander US Survey Finds Optimism Rising Among Middle-Income Households as Concerns about Inflation and Recession Ease - Seite 2

“Consumers are looking for a secure and convenient banking experience that can be delivered through digital channels,” said Wennes. “Digital banking is saving them time, providing 24/7 access to finances, and simplifying their overall banking experience. At Santander, we have been investing in enhanced capabilities and innovative offerings to give our customers a seamless experience.”

The Santander US survey found that 85% of middle-income customers are interacting with their bank accounts digitally to complete at least half their transactions. Two-thirds of middle-income consumers say completing banking transactions digitally saves them 15 minutes or more. Nine in 10 middle-income Americans last reviewed their accounts digitally, demonstrating how digital banking is enhancing consumer engagement with accounts.

The study, which built upon previous research, assessed middle-income Americans’ current financial state and future aspirations, with a focus on how current economic conditions have impacted their households. It also explored their financial relationships with identified drivers of prosperity, including banking providers and vehicle access.

Spending Priorities

As middle-income Americans have adjusted for inflation concerns, 67% have made cuts to their household budgets, forgoing major purchases such as vacations, vehicles, and home repairs. However, many remain focused on their finances and plan to use their tax refunds to help. Six in 10 middle-income households expect to receive a tax refund for their 2023 filing, and 42% say they plan to apply it toward debt or save it for the future. Of those who plan to use it to help pay for a large purchase (14%), the top selections were a vehicle, home improvement or home.

Vehicle Access

Vehicle access remains essential for consumers as they pursue financial prosperity, as vehicle access has an outsize role in their daily routines and access to employment. Two-thirds of middle-income Americans spend at least four hours a week in their vehicles, and four in 10 spending more than seven hours per week in their vehicles. Respondents (76%) overwhelmingly rely on a vehicle for getting to work, and 84% say vehicle access offers them more flexibility in how and where they live. However, the current cost of ownership is a barrier to purchasing vehicles. More than half (55%) deferred purchasing a vehicle in the past year due to cost considerations. To finance a vehicle, four in 10 middle-income Americans would need monthly payments to drop by $100 to $200 before purchasing. Still, nearly half (45%) of middle-income Americans are considering purchasing a vehicle in the next 12 months.