AUSTIN, Texas—More than one-quarter of American consumers do not feel they are in control of their personal finances, according to a new study.
The study, 2015 Consumer Banking Insights Study, which was commissioned by BancVue, found that Americans' financial control is lower this year than it was in 2013. The study was conducted online by Harris Poll in January 2015 among more than 1,000 U.S. adults (ages 18 and up).
According to the study, older Americans in particular seem to be moving in the wrong direction when it comes to financial control. The 2015 survey found that 67% of adults ages 55 and up agree that they're in control of their finances, down 16 percentage points compared to 2013. Sense of control has also decreased in varying degrees among men (down from 84% to 72%), women (down from 80% to 73%), and Millennials (down from 83% to 79%).
"We've seen positive changes to the overall economy in recent years, but Americans – across the board – are still struggling to get their personal finances under control," said BancVue CEO Gabe Krajicek in a statement. "At least part of this is likely due to the state of financial literacy right now. There are basic banking steps – checking for fees, choosing the right institution – that could help on this front, but many consumers still haven't taken them."
According to the study, 92% of consumers claim to be aware of the fee structure at their bank, but only half of consumers (51%) have checked their checking account for fees within the past month. Furthermore, 10% of consumers haven't checked their account for fees in the past year, and one-in-five consumers have never checked their account for fees.
Additionally, community bank and credit union users (70%) are more likely to see their bank/CU as a partner in managing their finances when compared to megabank customers (57%). However, only 23% of consumers who are not currently banking at a community bank or credit union say they are at least somewhat likely to switch in 2015, the study found.