The State of Consumer Banking & Payments Report: Q1 2022

January 2022

Report summary

For more recent data and analysis, see the Q2 2022 State of Consumer Banking & Payments Report.

Even amid the current pandemic, consumers report satisfaction with their financial services providers, and few have changed these relationships. But beneath the calm surface are signals of struggling financial well-being and shifts in payment habits.

Key Takeaways

  • Behind consumers’ trust and satisfaction are unmet banking needs: Americans remain satisfied with and trusting of their financial services providers, but they continue to turn to alternatives such as payday loans and “buy now, pay later” (BNPL) services to alleviate pandemic-induced financial stress.
  • Millennial financial well-being remains stubbornly low: With many of their prime wage-earning years marred by recessions and an ongoing pandemic, millennials are exhausted, and their outlook on both near- and long-term finances is less than optimistic.
  • Prepare for the 2022 crypto boom: Cryptocurrency ownership continues to rise, buoying cryptorelated brands in the process. But cryptocurrency owners aren’t abandoning their relationships with traditional providers. Instead, they’re working with more.
  • Embedded finance threatens brand strength of traditional service providers: As consumers find payments, lending and insurance seamlessly integrated into brand experiences, traditional providers will need to rethink how they participate in the financial services ecosystem to stay relevant.


This report cites monthly surveys of up to 4,400 U.S. adults, as well as two surveys conducted in August and December among 1,000 respondents in Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Japan, Mexico, Singapore, Spain and the United Kingdom. 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. Poll results have a 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.