With Inflation Causing Stress, Vulnerable Americans Seek Increased Pay Frequency
A plan to beat back rising inflation—which has now hit a four-decade high of 7.5% during the past year – is in motion, as the Federal Reserve has begun to consider faster rate increases. As government officials find themselves in unfamiliar territory, considering a portion of the fiscal playbook that they have not had to run in almost 40 years, American banking customers are feeling the stress of the moment as well.
This JD Power Banking and Payments Intelligence Report finds that, while the level of customer pessimism about their financial health that we observed in the fall of 2021 has stabilized, feelings of stress and helplessness about inflation are still prevalent. And in order weather the storm, customers are eager for a lifeline, from new ways of being compensated to financial help from their banks.
