Santander US Paths to Prosperity Research Finds Consumers Resilient Though Pressures Mounting - Seite 2

The study, which built upon research conducted in the first and second quarters, assessed middle-income Americans’ current financial state and future aspirations, with a focus on how current economic conditions have impacted their households. It also identified areas for economic growth and demand, including entrepreneurship, financial education, and vehicle ownership.

Auto Access
The majority of middle-income Americans (76%) rely on a vehicle for their work commute. However, gas prices and higher auto prices have made vehicle access more difficult. To maintain access to their vehicles, 7 in 10 (69%) are willing to sacrifice other budgetary items. While half of respondents say they delayed purchasing an automobile in the past year due to cost, demand persists with 41% considering purchasing a vehicle over the next 12 months. A quarter would be more likely to purchase a vehicle in the year ahead if they are able to secure financing.

Entrepreneurship a Ticket to Prosperity
Business ownership was identified by middle-income Americans as a driver of financial prosperity, especially among Black (74%) and Hispanic (69%) consumers. While 47% of respondents expressed interest in starting a business, 60% said financing was their biggest challenge. Additionally, roughly half (51%) reported they lack the know-how to undergo the process of starting a business.

This research on financial prosperity, conducted by Morning Consult on behalf of Santander US, surveyed 2,213 American bank and/or financial services customers, ages 18-76. Survey participants had household income in the “middle-income” range of $47,000 to $142,000. The study was conducted from September 7-8, 2023. The interviews were conducted online, and the margin of error is +/- 2 percentage points for the total audience. 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 166 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.