ABA: Survey – Top Reasons Consumers Plan to Consult Their Bank

WASHINGTON — Car loans, mortgages and saving for college are the top reasons consumers plan to consult their bank over the next year, according to a new survey by the American Bankers Association. Two in five Americans indicated they may contact their bank about these or other important financial decisions within the next 12 months.
“Banks can be effective partners in helping customers improve their financial well-being and achieve some of life’s biggest milestones,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments.  “Bank employees pride themselves on listening to their customers, helping them to identify goals and connecting them with the financial solutions they need.”
When asked “Which of the following might you consult your bank about in the next 12 months? (select all that apply)” respondents who have a bank account provided the following responses:

  • Financing an auto purchase – 15%
  • Financing a home mortgage – 14%
  • Financing my education – 11%
  • Financing my child’s education – 10%
  • Helping me prepare for retirement – 10%
  • Financing a home remodeling project – 9%

The survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, August 8-10, 2016.

About the Survey
These are some of the findings of an Ipsos poll conducted August 8-10, 2016. For the survey, a national sample of 1,000 adults aged 18 and older were interviewed online. Weighting was employed to balance demographics and ensure that the sample’s composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.