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The State of Consumer Banking & Payments Report: H2 2022

August 2022

Report summary

For more recent data and analysis, see the H1 2023 State of Consumer Banking & Payments Report.

Consumers have weathered half a year of historic inflation. It’s wearing on their financial
well-being, slowing their progress toward their goals and beginning to impact their interactions with financial services providers.

Key Takeaways

  • Across the board, consumers are worse off than last year: No group is immune to the economic effects of inflation and the pandemic, even high-earning households and older adults.
  • Banking relationships are stable, but there’s room for improvement: Consumers are content with their providers and aren’t thinking of switching, but 1 in 5 U.S. adults are unbanked or underbanked.
  • Digital wallet dominance continues: Consumers continue to rely on—and trust—digital wallets and the tech providers that offer them, threatening traditional provider relationships.
  • Consumers have put their investing goals on hold: Consumers are making less progress toward their investing goals, and many are ending relationships with robo-advisers and brokerages amid broad market volatility.
  • Cryptocurrency owners are staying the course: Despite a tumultuous few months, retail investors are continuing to buy and hold cryptocurrency.


This report cites monthly surveys of up to 4,400 U.S.adults, as well as two surveys conducted in August and December 2021 among roughly 1,000 respondents each in Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Japan, Mexico, Singapore, Spain and the United Kingdom, as well as two surveys conducted in February and May 2022 among those same countries plus India, Italy, Russia and South Korea.

The interviews were conducted online, and the data was weighted to approximate the respective populations of adults based on gender, educational attainment, race and region. Survey results have an unweighted margin of error of up to plus or minus 3 percentage points. This report also cites data from Morning Consult Brand Intelligence, our proprietary brand tracking platform that conducts daily surveys of consumers in 44 countries. Lastly, this report cites monthly data collected on cryptocurrency and related topics.

Those interviews are conducted online, and the data is 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 4,400 U.S. adults and an unweighted margin of error of plus or minus 1 percentage point.

About the author

A headshot photograph of Charlotte Principato
Charlotte Principato
Lead Financial Services Analyst

Charlotte Principato previously worked at Morning Consult as a lead financial services analyst covering trends in the industry.