Business UpdateMay 14, 2026, 08:02 AM
Provident Bank Survey: 64% Concerned by Cost of Living
AI Summary
Provident Bank's 2026 Consumer Survey reveals that American households are under significant financial pressure due to persistent inflation and elevated interest rates, with 64% concerned about the cost of living. Consumers are adapting by reassessing spending, paying down debt faster, and delaying major purchases like homes. The survey also highlights a significant gap in access to helpful financial guidance, with 58% rating financial literacy as essential but only 29% finding their bank's offerings genuinely helpful.
Key Highlights
- 64% of consumers are extremely or very concerned about the current cost of living.
- Groceries (63%), gasoline (46%), and utilities (33%) are identified as the most burdensome expense increases.
- 66% of respondents reported moderate or significant increases in auto insurance premiums over the past 12 months.
- 61% of consumers made at least one significant change to credit card use due to elevated interest rates.
- 20% of consumers are actively delaying a home purchase due to high mortgage rates.
- 58% of consumers rate financial literacy and education programs as essential or very important when choosing a bank.
- Only 29% of consumers find their bank's current financial education offerings genuinely helpful.
Price Impact
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