Credit unions and other financial institutions have a huge opportunity to add members if they offer products and services that help people take better control of their finances, according to a quarterly Fiserv/Harris Poll survey of 3,050 U.S. adults.
When it comes to digital products such as digital wallets and mobile payments, overall adoption remains modest, Fiserv said in a statement, but noted “there is a strong indication of interest among millennials and affluent households” for those products.
The survey, conducted over a two-week period last fall, found that 45% of consumers agree time spent thinking about managing their money is a chore and 60% view financial management as a “have to do” rather than a “want to do.” One-quarter said they feel lost when trying to manage household expenses, and 48% admitted they don’t have anyone to rely on for advice on managing their finances.
That gives financial institutions a big opening, according to Fiserv.
“Fifty-three percent of consumers view financial institutions as partners in managing their finances, indicating that banks and credit unions have an opportunity to fill this gap,” it said.
Formerly the Fiserv Consumer Trends Survey, Expectations & Experiences, the survey was conducted online in the United States between Oct. 22 and Nov. 4 among 3,050 U.S. adults ages 18 and older who are part of a household that currently has a checking account with a bank, credit union, brokerage firm or other financial organization, and who have at least some level of involvement in managing their household finances. The survey was weighted on multiple measures, including income, to match the general demographics of the U.S. as measured by the Census Bureau.