Smart Finances Logo Smart Finances Logo

Tracking Trends in the Financial Services Industry

Updated: Jan. 10, 2023 | By Charlotte Principato and Caroline Smith

The financial services industry is undergoing massive change as traditional providers seek to transform digitally and keep pace with new entrants. Financial services leaders must stay informed on how consumers are reacting to and shaping the future of the industry through their interactions with financial services providers, their financial goals and preferences, and their overall financial well-being. 

To help leaders stay abreast of consumer trends, Morning Consult is tracking consumers’ trust in, usage of and satisfaction with financial services providers through a monthly survey of U.S. adults. We’ll be updating this page with new data and analyses the second week of every month. Sign up for alerts.

The methodology for the monthly tracker is included at the bottom of this page.


More U.S. adults saw a decrease in income. More than 1 in 5 consumers (22%) noticed their income was less than usual in December, a 5 percentage point increase from the previous year.  Adults earning less than $50,000 per year were particularly affected: Nearly 3 in 10 said their income for the month was lower than normal this December while just 22% said so in December 2021. 

Fewer consumers are making progress toward financial goals. One-third of U.S. adults said they are making progress in saving for retirement, down from 38% in December 2021. Fewer are also meeting their charitable donation (28% vs. 35%) and investing (29% vs 36%) goals compared with last year. 

In the wake of the FTX collapse, trust in the financial services industry is down. Trust in the financial services industry to do what is right fell 8 percentage points from December 2021. More specifically, trust in banks, credit unions and credit card companies have also taken a hit compared with this time last year: down 6, 8 and 5 points — respectively.


Get our best data and insights delivered to your inbox

All fields are required


Confidence in Paying Expenses

Shares of respondents who said they are “very” or “somewhat” confident in their ability to pay their normal expenses for the upcoming month

Income Volatility

Consumers were asked how their income for last month compared to the previous month

Responses of income “the same as it was the previous month” are not shown.
Progress Toward Financial Goals

Share of respondents who reported making progress toward the following goals in the past month:

Consumption of Financial Advice

Respondents were asked how often they consumed financial advice or tips over the past month

Figures may not add up to 100% due to rounding


Trust in the Financial Services Industry

Share of respondents who trust the following industries to do what is right:

Trust in Financial Services Companies

Share of respondents who trust the following types of financial services companies to do what is right:

*Also known as neobanks, online-only banks or virtual banks


Usage of Multiple Providers

Respondents were asked how many of the following providers they use:

*Also known as neobanks, online-only banks or virtual banks
Figures may not add up to 100% due to rounding
Satisfaction With Primary Financial Services Providers

Share of U.S. adults satisfied with each provider

*Also known as neobanks, online-only banks or virtual banks
Interactions With Primary Providers

Respondents were asked if they interact with their primary financial services provider mostly digitally, mostly in person, mostly by phone or all three equally

Figures may not add up to 100% due to rounding
Reliance on Advice or Assistance

Share of respondents who received advice or assistance from a professional or employee available to them through the following providers:

Bank Branch, ATM and Digital Wallet Usage

Share of respondents who have done each of the following:

‘Buy Now, Pay Later’ Usage

Shares of consumers who made a purchase using a “buy now, pay later” payment method in the past month

Consumers Opening New Accounts

Shares of respondents who opened a new bank or credit union account in the last month

Intention to Switch Providers

Share of respondents thinking about starting a new relationship with the following providers in the next month:

*Also known as neobanks, online-only banks or virtual banks
Overdraft and Usage of Alternative Financial Services

Respondents were asked if they had done any of the following in the last month:




The Morning Consult Financial Services Monthly Trend Tracker relies on data collected through Morning Consult’s proprietary survey research capabilities. The interviews are conducted online, and the data are weighted to approximate a representative sample of U.S. adults based on gender, educational attainment, age, race and region. Results from the full survey have a monthly sample size of 2,200 to 4,400 U.S. adults and an unweighted margin of error of plus or minus 2 percentage points.

About Morning Consult

Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at

About the author

Charlotte Principato is the financial services analyst on the Industry Intelligence team, where she conducts research, authors analyst notes and advises leaders in the financial services industry on how to apply insights to make better business decisions.

Caroline Smith is a manager of financial services intelligence at Morning Consult, where she analyzes high-frequency data to help the company deliver real-time insights to the financial services sector.

For speaking opportunities and booking requests, please email