Survey Suggests , US Households Remain Confident , Despite Banking Instability.
CNN reports that 2023 has been a strange time for mid-sized banks in the United States.
Earlier this year, three regional banks collapsed.
Last week, PacWest and Bank of California announced an emergency merger.
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The banking industry shakeup has been exacerbated by aggressive rate hikes by the Federal Reserve.
On July 28, another small bank failed.
This time it was Heartland Tri-State Bank of Elkhart, Kansas.
However, CNN reports that recent surveys suggest that confidence remains high among middle-income customers (households with income between $47,000 and $142,000).
A survey conducted by Santander, the 30th largest U.S. bank, found that almost 80% of households said the recent banking crisis did not impact them.
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A survey conducted by Santander, the 30th largest U.S. bank, found that almost 80% of households said the recent banking crisis did not impact them.
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We started this survey because there were a lot of mixed economic signals out there.
, Tim Wennes, Santander (SC) US CEO, via CNN.
The majority of our clients here in the United States are middle-income households, and we want to understand how inflation is impacting them, how higher auto prices are impacting them, how they’re thinking about their behaviors and payments, Tim Wennes, Santander (SC) US CEO, via CNN.
The majority of our clients here in the United States are middle-income households, and we want to understand how inflation is impacting them, how higher auto prices are impacting them, how they’re thinking about their behaviors and payments, Tim Wennes, Santander (SC) US CEO, via CNN.
68% of those surveyed even said they were on track to achieve financial prosperity, with 79% of them seeing it happening in the next decade.
According to the bank, prosperity was defined as , “thriving financially, being able to cover living expenses, handle emergencies, and pursue life goals without significant tradeoffs.”
