Forty-three percent of American retail bank customers are experiencing worsening financial health, up from 27% five years ago, according to a new study from J.D. Power. They are having trouble paying bills on time, can’t cover six months or more of living expenses and are confronting deteriorating credit.
The study found growing customer interest in receiving advice and guidance from their retail bank.
“Buzzwords like personalization and tailored advice get thrown around quite a bit among banking professionals, but this is much bigger than a marketing exercise,” Jennifer White, senior director for banking and payments intelligence at J.D. Power, said in a statement. “Bank customers — particularly younger ones — are telling their banks they need help right now.”
White said retail banks have a once-in-a-lifetime opportunity to build enduring relationships, but they need to act quickly because customers cannot wait for their bank to figure out an advice strategy.
“Banks need to start delivering helpful guidance today,” she said.
J.D. Power’s U.S. Retail Banking Advice Satisfaction Study, fielded from March 2024 through March 2025, includes responses of 8,903 retail bank customers in the United States who received any advicee or guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months.
The study measures customer satisfaction with retail bank advice and guidance based on performance in five core dimensions on a poor-to-perfect rating scale: quality, concern for needs, relevancy, clarity and frequency.
Key Findings
Twenty-six percent of bank customers said they are very interested in receiving bank advice or guidance, up from 19% in 2021. This desire is particularly strong among customers younger than 40, 36% of whom are currently seeking advice.
Customers actively seeking guidance are focused on immediate concerns and fear of future financial challenges. They want quick tips and information to help improve their financial situation, and ways to save for emergencies, stick to a budget and save for a goal or large purchase.
A fifth of bank customers surveyed said they have actively researched budget management services — for help in meeting their financial goals and education on money management/financial wellness — but never used them, suggesting that many existing advice services miss the mark, J.D. Power said.
The study found that overall customer satisfaction with retail banking advice is flat year over year, but recall of financial advice has dramatically improved. This year, 46% of retail bank customers recalled receiving financial advice, up from 42% in 2024 and 34% in 2021.
Here are the banks J.D. Power studied, ranked by their levels of customer satisfaction:
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.