Australians are acutely feeling the cost-of-living crisis, driving a re-evaluation of the role that banks play in mitigating financial stress. In the current economic landscape, a majority of customers believe that banks should bear some responsibility and help them during times of financial stress.
Our research makes it clear that the cost-of-living crisis is an urgent priority for all Australians, and even if the economic outlook improves, there will still be a need for personalised customer care.
An overwhelming majority of respondents (96 percent) believe that banks should proactively detect signs of financial stress early. Younger demographics are even more likely to expect support.
Understanding financial stress among young Australians
As well as detect signs of stress, most respondents (79 percent) also expect banks to proactively address the cost-of-living crisis. Younger generations, particularly those under 45 years and people in a precarious financial situation, hold the strongest views, with 85 percent "strongly believing" that banks need to have a role in addressing financial stress.
Older generations (66 percent of people aged 80+ years) and those in a "comfortable" financial situation (69 percent) are less likely to hold this sentiment as strongly.