Consumer financial confidence lagging, Jack Henry study finds

In the midst of the 2025 holiday season, many households are under financial pressure, according to a new study from Jack Henry. The research brought to light persistent gaps in consumer confidence and a growing expectation that banks and credit unions play a more active, digitally driven role in helping people manage their financial lives.

Jack Henry's 2025 Financial Sentiment Study: Consumer Report, based on a survey of 2,435 consumers across five distinct segments, found that just over half of respondents (52 percent) feel satisfied with their current financial situation. Satisfaction closely correlates with three factors: financial knowledge, confidence in money management and trust in a primary financial institution.

The research suggests those fundamentals remain shaky. Only 44 percent of respondents consider themselves very or extremely knowledgeable about financial matters, with the lowest levels of confidence among consumers under 25 and over 65. Fewer than half of consumers said they feel confident about key behaviors such as saving (47 percent) or financial planning (46 percent), while confidence around borrowing drops even further, to 39 percent.

Digital experience a strong driver

Digital experience emerged as one of the strongest drivers of overall satisfaction and loyalty. Consumers reported the highest satisfaction with essential digital capabilities such as reporting lost or stolen cards (71 percent) and bill pay or fund transfers (69 percent). When these table-stakes features fail to meet expectations, consumers often look elsewhere.

On average, respondents reported having 14 financial apps on their mobile devices, underscoring how readily dissatisfied customers turn to fintechs and payments apps for a smoother experience than their customary financial institution provides.

The study also highlights the importance of life stage in shaping financial confidence. Consumers in their 30s and early 40s reported the highest satisfaction and confidence levels, while younger and older cohorts lagged. Jack Henry said these findings reinforce the need for financial institutions to move beyond broad generational assumptions and adopt more nuanced demographic and psychographic segmentation strategies.

A critical role for FIs

Jack Henry said its digital solutions, including the Banno Digital Platform and JHA OpenAnywhere, are designed to support that shift. The company pointed to capabilities such as personalized, event-based financial education, secure account aggregation for a holistic view of finances, and data-driven personalization aimed at building trust and engagement.

"This study reinforces the critical role financial institutions play in helping consumers feel more confident in their financial situation," said Jeff VanDeVelde, senior director of marketing at Jack Henry. "By leveraging data and digital capabilities, banks and credit unions can—and should—position themselves as trusted allies."

Lee Wetherington, senior director of corporate strategy at Jack Henry, added that the findings offer actionable insights into how digital capabilities influence satisfaction across cohorts, helping financial institutions reclaim their role as the center of consumers' financial lives. The full study is available for download at jackhenry.com.

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