With the recent spotlight on the banking industry, MarketCast has taken a pulse on the affluent marketplace for a closer look at how consumers feel about banking security. Consumer sentiment has definitely taken a hit, but just how much? Check out some key takeaways from MarketCast’s Wealth and Affluent Monitor syndicated study.
Setting the foundation, most consumers feel very knowledgeable about what’s been reported recently about the U.S. banking system.
Even though there is a feeling of certainty in the U.S. banking system, with 59% feeling very/somewhat confident and few (20%) expressing any panic, there is a growing sense of erosion.
When comparing how consumers felt last month to this month, 53% are feeling less confident.
When looking at their confidence in the stability of the global banking system, we see a clear lag compared to the U.S., with only 41% of consumers feeling very/somewhat confident, 11% very, and 30% somewhat confident from a global perspective.
While consumers seem to give the financial stability of the U.S. banking system a passing grade, bank failures like this do not exude confidence for the sector, even if our system is perceived to be more stable than the global banking system.
When it comes to the financial stability within their own banking network, consumers have a much better outlook as compared to the overall U.S. banking system. For example, 38% of consumers grade their financial institution’s stability with an A, 43% give it a B, 16% a C, and only 4% give it a D/F. Even more importantly, 95% of consumers think their money is safe where it is. In fact, 75% of consumers are comfortable keeping their money in their current bank and maintaining their investment portfolio.
When consumers were asked how likely they were to move their money in response to the banking issue, they responded:
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Source: MarketCast’s Wealth and Affluent Monitor syndicated study
Fielded: March 17-25, 2023
Audience: U.S. Affluent Consumers (defined as US consumers with investable assets $250K+)