The State of Consumer Banking & Payments Report: Q2 2022

April 2022

Report summary

For more recent data and analysis, see the H2 2022 State of Consumer Banking & Payments Report.

Decades-high inflation, combined with more than two years of pandemic fatigue, is wearing on U.S. consumers’ financial well-being and security. While this has yet to drastically alter consumers’ relationships with financial services providers, brands should be monitoring customer behavior closely.

Key Takeaways

  • Financial well-being suffers amid rising inflation: No group is immune to the economic effects of inflation and the pandemic, especially middle-income households.
  • Banking relationships remain stable: Overdrafts have simmered but fees have not, despite many banks’ new policies.
  • Digital wallet adoption is high, but consumers want more quick payment options: Look for more “buy now, pay later” (BNPL) woes as consumers report late payments and calls from collectors.
  • Investing remains aspirational for most: Most consumers want to invest, but only about half do, with women and lower-income adults struggling the most.
  • Cryptocurrency has lost trust, but not buyers: Crypto doesn’t need consumers’ trust to do well.


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 in Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Japan, Mexico, Singapore, Spain and the United Kingdom, and one survey conducted in February 2022 among those same countries plus 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 a 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. The 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.