“For the third consecutive year, consumer attitudes toward the financial services industry are colored by macroeconomic volatility that incentivizes flexibility and prevents confidence in medium-term financial planning. Record inflation rates have tempered consumers’ immediate ambitions, causing them to become more concerned about tackling their existing debt and more likely to wait for more favorable market conditions to take the plunge on large purchases. In contrast with 2022, financial services consumers have reduced their plans to open new financial products, further illustrating a stasis point following a period of great activity and adaptation. Although switching may decelerate, adoption of digital tools continues its strong growth, with Millennials displaying strong preferences for a financial services experience in which virtual experiences are the standard.”

–   Patrick Rahlfs, Senior Research Analyst

This report discusses the following key topics:

  • Impacts of inflation on financial behaviors
  • Impacts of inflation on financial attitudes
  • Financial goals for 2023
  • Planned new financial accounts for 2023
  • Desired features driving account interest
  • Attitudes toward financial services in 2023

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Market context
  2. Executive Summary

    • Top takeaways
    • Consumers’ inclination toward savings will be tested in 2023
      • Figure 1: Financial goals for 2023, 2022
    • Credit cards will have strong demand despite rising APRs
      • Figure 2: Planned new accounts for 2023, 2022
    • 2022 was a year of switching; will 2023 be a year of waiting?
      • Figure 3: Planned new accounts for 2023, by year, 2022
    • Market overview
      • Figure 4: Category outlook, 2023-27
    • Opportunities and challenges
    • Customer engagement will be key if acquisitions subside
    • The demand for flexibility mandates outside-the-box thinking
    • Key consumer insights
    • Income dictates scope of 2023 priorities
      • Figure 5: Financial goals for 2023, by household income, 2022
    • Millennials gravitate toward a digital experience
      • Figure 6: Attitudes toward financial services, by generation, 2022
  3. Market Factors

    • Credit card share of spend overtook banking in Q3 2022
      • Figure 7: Quarterly cross-channel spend by financial services category, Q1 2021-Q3 2022
    • Credit card APRs are increasing with federal rate hikes
      • Figure 8: Direct mail credit card offer average purchase regular APR, 2020-22
    • Disposable personal income has increased for four consecutive months
      • Figure 9: Month-over-month change in disposable personal income, 2021-22
    • Consumer Price Index slowed growth in October
      • Figure 10: Year-over-year change in consumer price index, 2017-22
  4. Competitive Strategies and Market Opportunities

    • PNC’s Virtual Wallet boasts integrated products, digital tools
      • Figure 11: PNC virtual wallet direct mail creative, 2022
    • Best Egg offers an alternative to credit card debt
      • Figure 12: Best Egg personal loan direct mail creative, 2022
    • Capital One boosts its Money & Life Program on paid social
      • Figure 13: Capital One Money & Life Program paid Facebook ad, 2022
    • Marcus promotes No-Penalty CD as flexible savings opportunity
      • Figure 14: Marcus no-penalty CD paid Facebook ad, 2022
  5. The Financial Services Consumer in 2023 – Fast Facts

  6. Inflation Behavior Changes

    • One in three consumers is concerned about debt due to inflation
      • Figure 15: Financial responses to inflation, 2022
    • Lower asset consumers are beginning to charge more purchases
      • Figure 16: Financial responses to inflation by household investable assets, 2022
  7. Inflation Attitude Changes

    • 30% of consumers are waiting out inflation to make large purchases
      • Figure 17: Financial attitudes regarding inflation, 2022
    • Millennials are most reactive to inflation, while Gen Z seeks advice
      • Figure 18: Financial attitudes regarding inflation, by generation, 2022
  8. Financial Goals for 2023

    • Savings goals are top of mind
      • Figure 19: Financial goals for 2023, 2022
    • Lower-income consumers have a near-term focus
      • Figure 20: Financial goals for 2023, by household income, 2022
  9. New Accounts

    • Credit cards are the most sought product for 2023
      • Figure 21: Planned new accounts for 2023, 2022
    • Higher-income consumers plan more account openings next year
      • Figure 22: Planned new accounts for 2023, by age and income, 2022
    • Investment account openings may drop off as consumers focus on payments
      • Figure 23: Planned new accounts for 2023, by year, 2022
  10. Desired Features

    • Savings remain key, but versatile products are demanded
      • Figure 24: Most sought product features, 2022
    • Younger consumers seek savings and flexibility
      • Figure 25: Most sought product features, by age, 2022
    • Women have a greater likelihood to seek savings
      • Figure 26: Most sought product features, by gender, 2022
      • Figure 27: Top four most sought product features, by gender, 2022
  11. Attitudes toward Financial Services in 2023

    • Half of consumers prefer virtual interactions with their bank
      • Figure 28: Attitudes toward financial services, 2022
    • Millennials drive digital banking, NFT exploration
      • Figure 29: Attitudes toward financial services, by generation, 2022
    • Crypto interest has declined from last year
      • Figure 30: Attitudes toward cryptocurrency, by year, 2022
  12. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Marketing creative
    • Abbreviations and terms
    • Abbreviations
    • Mintel defines generations as:

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.


Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.


Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.


Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.


Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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