How do people really bank, spend, and seek financial advice in 2025? To find out, our financial services market research firm surveyed 1,000 U.S. consumers to uncover insights from a financial landscape that’s both familiar and rapidly changing.
When it comes to where Americans hold their banking accounts, traditional banks continue to lead by a wide margin:
While banks remain the most common choice, the adoption of fintech platforms is notable—over 2 in 5 now use a non-traditional digital banking provider.
Though, clear differences emerge when we look at how each generation prefers to bank:
Financial services users rely on a variety of financial accounts to manage their money, from everyday essentials to more specialized tools.
While almost everyone has a checking account, the types of other accounts people hold can vary quite a bit depending on their age and life stage.
Younger generations tend to embrace newer financial products like cryptocurrency and health savings accounts, while older banking customers often stick with more traditional savings options.
Millennials show the greatest usage with specialized accounts like cryptocurrency (58%) and HSAs (53%).
Here’s a look at how different generations manage their money through various types of financial accounts:
Financial stress is a reality for most Americans. In fact, only 15% of people say they’re not experiencing any of the below financial stressors. That leaves the vast majority grappling with at least one financial burden in their daily lives.
Top financial stressors include:
While these stressors affect most Americans, how they show up—and how deeply they’re felt—can vary by generation. From Gen Z navigating debt payoff to Gen X worrying about retirement, each age group faces its own unique set of financial pressures.
Despite the financial pressures many Americans face, the majority of consumers (89%) say they’re satisfied with their current financial institution. Only a small share, 6%, expressed any dissatisfaction.
This aligns with the strong banking Net Promoter Scores (NPS) we’ve seen across the industry, reflecting high customer loyalty.
But when it comes to switching banks or credit unions, things get a little more complex. Nearly 1 in 5 consumers (18%) are likely to change financial institutions at some point during 2025.
And if another financial institution aligns more closely with their needs, the number willing to switch doubles (38%).
Younger generations, in particular, are more open to making a move.
Over half of Millennials (58%) and Gen Z (57%) are likely to change FIs if another one better meets their banking priorities.
Nearly 1 in 5 consumers (18%) are likely to change financial institutions at some point during 2025.
According to our survey, 66% of consumers are unlikely to change their primary bank or credit union in 2025. The biggest obstacles stopping them from making the switch included:
For financial service providers, understanding why people hesitate to switch is more than just about retaining banking customers—it’s about meeting changing expectations.
With fintechs making banking easier and more transparent, traditional institutions need to make switching simple and clearly show why they’re the better choice.
When it comes to managing their bank accounts, most consumers prefer digital channels. In fact, more than 77% say their go-to method is either a mobile app or online banking via a website.
To break that down further, here’s how preferences stack up across all major banking channels:
While digital tools are the most preferred way to bank, usage habits back that up too.
Mobile apps and online banking websites aren’t just liked—they’re used the most often.
In fact, 34% of consumers use a mobile finance app daily, and 36% log into online banking via a website at least once a week.
Meanwhile, more traditional channels see far less activity. Only 2% of consumers visit a branch daily, and just 3% call a representative that often.
Most in-person visits happen every few months (29%), while phone calls are even less common—29% say they call less than once a year, and 19% say they never do.
Yet, how often people use these channels doesn’t always match how important they feel they are.
Even though only 4% of people prefer using the phone to manage their bank accounts, 68% still say having phone support is essential.
Phone support remains highly valued, despite low usage—over 2 in 3 say it’s at least somewhat important to have the option to speak with a representative (68%).
Similarly, 71% say in-person access is important, showing that even digital-first users want the reassurance of human support when needed.
Unsurprisingly, digital channels top the list in both usage and importance: 82% say online banking is important, and 69% say the same for mobile apps.
When it comes to everyday money moves, digital tools take center stage. In the past year, more than half of Americans completed routine tasks—like person-to-person transfers (77%) or mobile check deposits (61%)—without ever touching a branch.
To break that down further, here’s how key activities levels stack up:
Talking about money talk isn’t the taboo it used to be. These days, 42% of Americans now chat about their finances with friends or family at least once a month.
Gen Z is the most open with over half discussing money weekly (30%) or monthly (32%)—while Millennials follow close behind with most talking about their finances at least monthly (60%).
Meanwhile the Silent Generation (34%) and Boomers (22%) never broach the topic of finances with their family or friends.
The cultural shift is clear: younger consumers are normalizing money talk, setting the stage for new—and more public—sources of financial advice.
The big question, then, is where do people turn when they want advice they can trust? Top sources include:
Here is a closer look at how different generations seek financial advice:
| Trusted Source | Gen Z | Millennials | Gen X | Boomers + |
|---|---|---|---|---|
| Friends & family | 79% | 55% | 50% | 39% |
| Banking representatives | 39% | 46% | 34% | 43% |
| Financial advisors | 46% | 36% | 29% | 32% |
| Social media | 44% | 31% | 16% | 3% |
| Certified Financial Planners (CFPs) | 13% | 20% | 15% | 15% |
| Newspapers/magazines | 13% | 15% | 15% | 8% |
| Educational courses or seminars | 23% | 15% | 11% | 8% |
| Podcasts | 13% | 18% | 11% | 4% |
| Books | 17% | 11% | 13% | 5% |
| Blogs | 8% | 11% | 7% | 3% |
| Influencers | 10% | 9% | 5% | 3% |
Quick insights
AI may dominate headlines, but most consumers are still dipping their toes in. Six in ten Americans (62%) haven’t tried any AI-enabled banking or money tools yet.
For the rest, AI banking tools usage breaks down like this:
Millennials are the early majority. Nearly two-thirds have tried at least one AI money tool (64%) and 30% have made financial decisions with it.
Gen Z isn’t far behind, with one in five handing AI the keys to decision-making and a quarter using it for day-to-day money management.
Boomers and the Silent Generation remain skeptical. Barely one in ten has experimented with AI at all.
And how do those early adopters feel about the experience? Nearly 70% walk away satisfied.
All figures in this article come from an online survey completed by Drive Research in June 2025 to understand channel preferences and pain points among U.S. banking consumers.
Using a national double-opt-in panel, 1,000 account holders (18+) completed the 48-question questionnaire, which averaged fifteen minutes.
A probabilistic sample of this size yields a maximum margin of error of ±3.1 percentage points at the 95 % confidence level.
Standard quality controls including attention checks, duplicate/IP screening, and digital fingerprinting were applied.
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