Americans are stretched thin on every front and their banks aren't helping enough, survey finds

Household finances across America are under pressure with inflation, high borrowing costs, and a locked-up housing market forcing consumers to adapt on the fly.

And a new survey finds that this juggling with challenging financial circumstances are often without meaningful support from their financial institutions.

The 2026 Consumer Survey, conducted by market research firm Pollfish on behalf of Provident Bank, gathered responses from 1,000 adults across all four census regions, covering a broad range of ages, income levels, and employment situations.

More than one in three Americans said their top financial priority right now is simply keeping pace with the rising cost of everyday necessities; ranking that concern above both saving for the future and paying down debt.

Nearly two thirds of respondents said they were extremely or very worried about the current cost of living, with groceries, gasoline, utilities, and insurance premiums identified as the biggest sources of strain.

Insurance costs in particular have become a flashpoint. Two thirds of those surveyed reported moderate or significant increases in auto insurance premiums over the past year, and close to 60% said the same about home insurance. If that trend continues, 40% of respondents said they would switch providers in search of a lower rate.

Credit cards and housing market

Credit card behavior has shifted noticeably in response to elevated interest rates, with more than 61% of consumers saying they have made at least one meaningful change to how they use their cards.

Nearly a third are actively accelerating debt repayment to avoid interest charges, while 21% have stopped using cards for non-essential spending altogether. The sentiment around current APRs is distinctly sour as 38% of respondents called them too high and unfair, a figure that climbs to roughly 46% among those aged 55 and older.

The housing market remains effectively frozen for a significant portion of would-be buyers and sellers.

Nearly one in five consumers said they are actively putting off a home purchase because of where mortgage rates stand. A further 11% said they want to sell but are staying put because the rate on their existing mortgage is far below anything they could get today. Among those who are actively considering a purchase, more than a quarter said they are researching options independently online with plans to apply digitally — more than double the 12% who have reached out directly to their bank to talk through financing.

"Our latest survey highlights the ongoing financial pressure many households are facing, from persistent inflation and elevated interest rates to a housing market that remains out of reach for many. We're seeing customers respond thoughtfully by reducing discretionary spending, prioritizing debt, and delaying major purchases," said Anthony Labozzetta, President & CEO of Provident Bank. "At Provident, this reinforces our responsibility to meet customers where they are and provide the guidance and support they need to navigate today's economic environment with confidence."

Banking service gap

The data also exposes a widening gap between what consumers want from their banks and what they are actually getting.

Fifty-eight percent of respondents rated financial literacy and education programs as essential or very important when deciding where to bank. Yet only 29% said they find their bank's current resources genuinely useful, and nearly 30% said they haven't seen any relevant material from their bank at all.

The expectation is even more pronounced among younger consumers. Eighty-three percent of Gen Z respondents and 73% of millennials said a bank's financial education offerings carry significant weight in their decision-making — a signal that institutions failing to deliver on this front risk losing the next generation of customers before they have even fully arrived.