The Financial Advice People Actually Want from Their Banks
Building deeper customer relationships now depends on how well banks understand and address the financial challenges consumers face. The 2025 U.S. Financial Health and Advice Satisfaction Study offers new insight into whether banks are meeting rising demand for financial advice and where they can improve. Jennifer White, senior director for banking and payments intelligence at JD Power joined the Financial Services Intelligence Update to share what advice U.S. customers want from their banks.
U.S. Financial Health Stabilizes, but Other Worries Persist
Jennifer described the current landscape as “a bit of good news, bad news.” While two-thirds of Americans are classified as financially unhealthy, a sobering long-term trend, the good news is that this decline has largely stabilized over the past year.
Many consumers are caught in a state of cautious uncertainty. “They worry that in three months, things will cost more and they worry that a recession might become more than just a buzzword,” said White. Widespread anxiety makes it a must for banks to provide relevant and reassuring financial guidance.
A Prime Opportunity to Win Over Younger Consumers
One of the most encouraging trends White highlighted is the growing interest in financial advice, particularly among younger consumers. Interest in value-added financial advice from banks rose from 19% in 2021 to 25% today.
The “sweet spot” is the young and emerging affluent. Younger customers show roughly twice the appetite for advice compared to those aged 65 and older. The strongest demand comes from the young and emerging affluent segment, with 38 percent expressing a strong interest in personalized financial guidance.
White called this shift “at least a once in a generation opportunity for banks to capture the hearts and minds of younger consumers.” Banks that successfully engage this group stand to build lasting loyalty.
What Financial Advice Are Bank Customers Looking For?
Today’s customers are looking for help with immediate financial challenges — not just long-term investment planning, explained White. Common questions include:
- How do I set aside money for an emergency?
- How much should I save?
- How do I stick to a budget and track my progress?
- How can I earmark money for goals without juggling multiple accounts?
- How can I change my financial situation in the short-term?
These are very short-run needs that, when met, position customers well for longer-term planning. Meeting these everyday needs can pave the way for deeper financial conversations.
Are Banks Effectively Delivering Financial Advice? Progress with Room to Grow
The study highlights encouraging improvements across three key areas:
- Customer Attention: Customer recall of financial advice from banks rose from 34% in 2021 to 46% today — a clear sign banks are making progress in engaging customers.
- Advice Quality: Banks stand out by delivering frequent, and personalized advice with a clear call to action.
- Behavioral Impact: More customers are acting on the advice they receive, providing evidence that bank guidance is resonating and making a difference.
How Can Banks Improve to Improve Financial Advice Delivery
Customers want more value-added content, and they want it more often. They expect at least three meaningful advice interactions per year, delivered over time instead of clustered around tax season or specific events. Successful advice blends personal interactions, digital tools, and passive reminders such as emails and alerts.
“Even if customers don’t open the emails, the presence of these reminders builds trust and belief that the bank is there when needed,” said White.
This omni-channel approach ensures customers feel supported whenever they need guidance.
The JD Power 2025 U.S. Financial Health and Advice Satisfaction Study is now available for those interested in a deeper dive.
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