50% of consumers are hesitant to approach their financial institution to ask about products and services. When asked why, consumers say they worry they won't know what questions to ask or understand "the lingo." Add in overall concern for adult financial literacy, and banks and credit unions face an uphill battle to ensure they can successfully connect with their communities.
Past thinking pointed to consumer trust as a concern, but this new data suggests that banks and credit unions must look to become more approachable to bridge this gap. And financial institutions that embrace financial education to lower barriers between consumers and branch staff may have an advantage.
Key findings from the report include:
- 45% of consumers have lower than average financial well-being scores and are dissatisfied with their current financial situation
- 4 in 10 from this "room to grow" consumer group aren't sure they can reach a financial goal but most agree financial education would make them more confident
- Consumers who have received financial education are more likely to say they're comfortable going to their financial institution to discuss products and services