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Exploring Gaps in Consumer Financial Confidence: Insights from Jack Henry

As the holiday season reaches its peak, financial anxiety often becomes a prominent concern for many individuals. According to Jack Henry™, a financial technology firm, their recent 2025 Financial Sentiment Study has revealed significant gaps in consumer financial confidence and digital experience. With a survey encompassing 2,435 respondents across various demographics, this study serves as a valuable resource for banks and credit unions striving to strengthen their relationships with customers.

Key Findings from the Study

Limited Financial Satisfaction

The findings indicate that only 52% of consumers express satisfaction with their current financial situation. This dissatisfaction correlates directly with their financial knowledge, ability to manage money effectively, and the confidence level they have in their financial institutions. The statistics show that satisfaction is intricately linked to how well individuals feel they understand their finances and how competent they believe they are in managing them.

Financial Literacy Challenges

Alarming data unveils that a mere 44% of consumers deem themselves very or extremely knowledgeable about financial matters. Notably, financial literacy appears to be lowest among both younger individuals and those at the higher end of the age spectrum. This reveals a significant gap that financial institutions must address through education and support.

Confidence in Money Management

When examining money management practices, only 47% of consumers felt assured in their savings habits, while 46% expressed confidence in their financial planning abilities. Alarmingly, the borrowing confidence rate fell to just 39%, indicating a widespread lack of trust in their fiscal decision-making capabilities.

Importance of Digital Experience

The study unveils a crucial insight: digital capabilities play a pivotal role in customer satisfaction and loyalty. Consumers reported higher satisfaction levels with essential digital functions such as reporting lost or stolen cards (71%) and conducting bill payments or funds transfers (69%). This highlights the impact that a robust digital infrastructure can have on the overall customer experience within financial institutions. Customers dissatisfied with the digital offerings often turn to third-party fintech solutions for a superior experience, emphasizing the importance of innovation within traditional banks.

On average, respondents reported having 14 financial applications installed on their mobile devices, showcasing a growing reliance on technology for managing finances.

Life Stage Implications

An interesting trend emerged based on respondents' life stages. Consumers in their 30s and early 40s exhibited the highest levels of satisfaction and confidence regarding their finances. In contrast, younger consumers under 25 and older adults over 65 experienced the lowest faith in their financial situations. It is crucial for financial institutions to tailor their offerings and resources according to different demographic and psychographic profiles to better engage their customers.

Solutions Provided by Jack Henry

To address the evolving needs identified in the study, Jack Henry offers a range of innovative solutions, such as the Banno Digital Platform™ and JHA OpenAnywhere™. These products aim to deliver

• - Event-driven content that enriches user engagement,
• - Secure account aggregation for a comprehensive view of financial health, and
• - Data personalization that fosters trust with customers.

According to Jeff VanDeVelde, Senior Director of Marketing at Jack Henry, “This study emphasizes how crucial financial institutions are in empowering consumers to enhance their financial confidence. The goal should be to provide not just products and services but also the knowledge and tools necessary to navigate significant life events.”

Furthermore, Lee Wetherington, Senior Director of Corporate Strategy at Jack Henry, noted the importance of understanding generational differences. He underscores how insights derived from the study can help financial institutions fine-tune their digital capabilities to align with the preferences of different consumer cohorts. Such awareness can lead to deeper relationships with account holders and establish banks as fundamental pillars in their financial journeys.

For comprehensive insights, visit jackhenry.com to download the full study. The growing reliance on technology underscores the need for financial institutions to evolve continually in providing value-added services, ensuring they stay at the forefront of consumers' financial lives.