Middle-Income Consumers Remain Confident Amidst Price Pressures, Santander US Survey Finds
Santander US released findings from a survey on middle-income Americans' financial outlook. Despite 81% considering inflation a major concern, 76% remain current on bills, and 71% feel on track towards financial prosperity. Economic uncertainty persists, with 62% expecting a recession in the next year, though down from 2023 highs.
The survey revealed changing attitudes towards homeownership, especially among younger generations. 60% of Gen Z and millennials view homeownership as an outdated sign of financial prosperity, with many valuing renting for its flexibility and perceived affordability.
Vehicle access remains crucial, with 84% saying it provides greater lifestyle flexibility. 52% delayed vehicle purchases due to costs, but 30% are likely to take out an auto loan if interest rates decrease. The study also found that many consumers haven't taken advantage of high-yield savings accounts, with 60% not moving savings to earn higher interest rates.
Santander US ha pubblicato i risultati di un sondaggio sulle prospettive finanziarie degli americani a medio reddito. Nonostante l'81% consideri l'inflazione una preoccupazione importante, il 76% rimane in regola con le fatture e il 71% si sente sulla buona strada verso la prosperità finanziaria. L'incertezza economica persiste, con il 62% che si aspetta una recessione nel prossimo anno, anche se il dato è in calo rispetto ai massimi del 2023.
Il sondaggio ha rivelato un cambiamento di atteggiamento nei confronti dell'ownership immobiliare, specialmente tra le generazioni più giovani. Il 60% della Gen Z e dei millennial considera l'ownership immobiliare un segno obsoleto di prosperità finanziaria, con molti che apprezzano l'affitto per la sua flessibilità e percepita convenienza.
L'accesso ai veicoli rimane cruciale, con l'84% che afferma che fornisce una maggiore flessibilità nello stile di vita. Il 52% ha posticipato l'acquisto di veicoli a causa dei costi, ma il 30% è propenso a richiedere un prestito auto se i tassi d'interesse diminuiscono. Lo studio ha anche riscontrato che molti consumatori non hanno sfruttato i conti di risparmio ad alto rendimento, con il 60% che non ha spostato i risparmi per ottenere tassi d'interesse più elevati.
Santander US publicó los resultados de una encuesta sobre las perspectivas financieras de los estadounidenses de ingresos medios. A pesar de que el 81% considera que la inflación es una preocupación importante, el 76% se mantiene al día con sus facturas y el 71% se siente en camino hacia la prosperidad financiera. La incertidumbre económica persiste, con un 62% que espera una recesión en el próximo año, aunque ha disminuido respecto a los máximos de 2023.
La encuesta reveló un cambio de actitud hacia la propiedad de vivienda, especialmente entre las generaciones más jóvenes. El 60% de la Generación Z y de los millennials considera la propiedad de vivienda como un signo anticuado de prosperidad financiera, siendo muchos los que valoran el alquiler por su flexibilidad y percepción de asequibilidad.
El acceso a un vehículo sigue siendo crucial, con un 84% que afirma que proporciona una mayor flexibilidad en el estilo de vida. El 52% ha retrasado la compra de vehículos debido a los costos, pero el 30% es probable que solicite un préstamo automotriz si las tasas de interés disminuyen. El estudio también encontró que muchos consumidores no han aprovechado las cuentas de ahorro de alto rendimiento, con el 60% que no ha movido sus ahorros para ganar tasas de interés más altas.
산탄데르 US는 중산층 미국인의 재정 전망에 대한 조사 결과를 발표했습니다. 81%가 인플레이션을 주요 걱정으로 여기고 있지만, 76%는 청구서를 제때 납부하고 있으며, 71%는 재정적 번영을 향해 나아가고 있다고 느끼고 있습니다. 경제적 불확실성이 여전히 존재하며, 62%는 내년에 경기 침체가 올 것으로 예상하고 있지만, 이는 2023년 최고치에 비해 감소한 수치입니다.
이번 조사에서는 주택 소유에 대한 태도가 변하고 있음을 보여주었으며, 특히 젊은 세대 사이에서 더 두드러집니다. Z세대와 밀레니얼 세대의 60%는 주택 소유를 재정적 번영의 구식 표식으로 여기며, 많은 이들이 유연성과 인식되는 경제성 때문에 임대를 선호하고 있습니다.
차량 접근성은 여전히 중요하며, 84%는 생활 방식의 유연성을 제공한다고 말합니다. 52%는 비용 문제로 차량 구매를 미뤘지만, 30%는 금리가 떨어질 경우 자동차 대출을 받을 가능성이 높습니다. 조사에 따르면 많은 소비자들이 고수익 저축 계좌를 활용하지 않고 있으며, 60%는 더 높은 이자율을 얻기 위해 저축을 이동하지 않았습니다.
Santander US a publié les résultats d'une enquête sur les perspectives financières des Américains à revenu moyen. Bien que 81 % considèrent l'inflation comme un problème majeur, 76 % sont à jour dans le paiement de leurs factures et 71 % se sentent sur la bonne voie vers la prospérité financière. L'incertitude économique persiste, 62 % s'attendant à une récession dans l'année à venir, bien que ce chiffre soit en baisse par rapport aux sommets de 2023.
L'enquête a révélé un changement d'attitude envers la propriété immobilière, en particulier parmi les plus jeunes générations. 60 % de la génération Z et des millennials considèrent la propriété immobilière comme un signe obsolète de prospérité financière, beaucoup valorisant la location pour sa flexibilité et sa perception d'accessibilité.
L'accès à un véhicule reste crucial, 84 % jugeant qu'il offre une plus grande flexibilité de mode de vie. 52 % ont retardé l'achat de véhicules en raison des coûts, mais 30 % sont susceptibles de contracter un prêt auto si les taux d'intérêt diminuent. L'étude a également révélé que de nombreux consommateurs n'ont pas profité des comptes d'épargne à haut rendement, 60 % ne déplaçant pas leurs économies pour obtenir des taux d'intérêt plus élevés.
Santander US hat die Ergebnisse einer Umfrage zur finanziellen Perspektive von Amerikanern mit mittlerem Einkommen veröffentlicht. Obwohl 81% die Inflation als großes Anliegen betrachten, sind 76% mit ihren Rechnungen im Rückstand und 71% fühlen sich auf dem richtigen Weg zur finanziellen Prosperität. Die wirtschaftliche Unsicherheit bleibt bestehen, 62% erwarten eine Rezession im nächsten Jahr, obwohl dies im Vergleich zu den Höchstständen von 2023 gesunken ist.
Die Umfrage zeigte, dass sich die Einstellungen zur Eigenheim-Besitz verändern, insbesondere bei den jüngeren Generationen. 60% der Generation Z und der Millennials sehen den Eigenheim-Besitz als ein veraltetes Zeichen finanzieller Prosperität, während viele die Miete wegen ihrer Flexibilität und der wahrgenommenen Erschwinglichkeit schätzen.
Der Zugang zu Fahrzeugen bleibt entscheidend, 84% geben an, dass er eine größere Flexibilität des Lebensstils bietet. 52% haben den Kauf von Fahrzeugen aufgrund von Kosten hinausgeschoben, aber 30% sind wahrscheinlich bereit, einen Autokredit aufzunehmen, wenn die Zinssätze sinken. Die Studie zeigte auch, dass viele Verbraucher die Vorteile von hochverzinslichen Sparkonten nicht genutzt haben, wobei 60% ihre Ersparnisse nicht verschoben haben, um höhere Zinssätze zu erhalten.
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81% consider inflation a major concern, the highest level over the past year.
- Most middle-income households have remained current on their bills, though more are making spending cuts to manage higher prices.
- Gen Z and millennials have shifted their mindset around homeownership and find flexibility in renting, with 6 in 10 believing homeownership as a sign of financial prosperity is outdated.
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Federal Reserve rate cuts could unlock pent-up vehicle demand, with
52% delaying a vehicle purchase over the last year.
(Graphic: Business Wire)
When it comes to their economic outlook and the possibility of a recession, consumers are sending mixed signals. While economic indicators suggest the economy is stable, a majority of middle-income Americans remain uncertain. More than six in 10 (
Amidst concerns about inflation and economic uncertainty, middle-income Americans are adapting to conditions. Most (
“Consumers continue to take actions to manage their finances and navigate economic stressors,” said Tim Wennes, CEO of Santander US. “Their ability to make necessary budget decisions to remain current on their bills and manage the overall economic uncertainty over the past few years has helped to boost their confidence. Looking ahead, I expect to see these behavioral changes lead to fundamental shifts in consumers’ financial priorities.”
The survey identified a change in mindset around homeownership, which is falling in importance as consumers seek out flexibility and affordability, especially among younger generations. Seven in 10 Gen Z and millennials say owning a home was more important for their parents’ generation. Meanwhile, vehicle access remains a top priority. The majority (
While many households continue to feel the effects of inflation, few consumers have taken advantage of the higher rates available on savings through a high-yield savings account or certificate of deposit (CD). Six in 10 households have not yet moved their savings to earn a higher rate of interest, and
“Many consumers hold misperceptions about opening high-yield savings accounts, including that they are too difficult to open or aren’t worth the effort,” said Wennes. “Many consumers could be putting their hard-earned savings to work for them by opening a high-yield savings account, which can now take only a matter of minutes. At Santander, we are working on introducing a new, national digital offering that will reduce the friction to create a fast onboarding experience and make it easier for customers to take advantage of higher rates.”
The study, which built upon previous research, assessed middle-income Americans’ current financial state and future aspirations, with a focus on how current economic conditions have impacted their households. It also explored their financial relationships with drivers of prosperity.
Homeownership vs. Renting
Middle-income Americans’ perspective on homeownership has shifted, with many now valuing renting as an option. This is especially true among younger generations. Six in 10 Gen Zers and millennials believe homeownership as a sign of financial prosperity is an outdated concept, and more than half (
While many renters cite benefits such as flexibility to pursue employment opportunities and access to more amenities,
Vehicle Access Critical for Consumers
Middle-income Americans continue to rely on vehicle access. The majority (
This research on financial prosperity, conducted by Morning Consult on behalf of Santander US, surveyed 2,202 Americans who are bank and/or financial services customers, ages 18-76. Survey participants are employed or looking for work, own/use at least one financial product and are the primary or shared decision-maker on household finances with household income in the “middle-income” range of
The full report and more information about the Santander US survey is available here.
About Santander US
Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of
Santander Bank, N.A. is a Member FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2024 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, and the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241008356038/en/
Media:
Andrew Simonelli
andrew.simonelli@santander.us
Caroline Connolly
caroline.connolly@santander.us
Source: Santander Holdings USA, Inc.
FAQ
What percentage of middle-income Americans consider inflation a major concern according to Santander's survey?
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What percentage of Gen Z and millennials believe homeownership as a sign of financial prosperity is outdated?
How many middle-income Americans delayed purchasing a vehicle in the past year due to cost?
What percentage of households have not moved their savings to earn a higher rate of interest?
