Santander US last week released the results of its quarterly Paths to Prosperity survey, reporting that middle-income Americans continue to favor in-person support for major financial decisions even as they adopt digital tools for routine tasks.
The survey found that 89% of middle-income households want to manage most banking tasks digitally while retaining access to a branch staffed with people who can help. Consumers reported greater trust in digital banking backed by physical infrastructure: 83% said they would have more confidence in a digital provider that also operates branches, and 86% said they would have more confidence in a provider owned and backed by a financially stable bank.
Preferences split by task complexity. Among applicable respondents, 84% checked balances mostly or only digitally, while 64% said they discuss major financial decisions mostly or only in person. Ninety-one percent said choosing the right banking provider is important to achieving financial prosperity, and 90% said they prefer speaking with a knowledgeable person over AI for major financial decisions.
Vehicle access featured prominently. More than three-quarters of respondents (77%) said a vehicle is necessary to get to and from work, and 76% said access affects the number of jobs available to them. The share driving to work more days per week than a year earlier rose to 55%, an 8-point increase from the first quarter.
Cost pressures shaped auto purchasing. Among prospective buyers, 84% said they would consider a used vehicle, and 66% said they were more comfortable buying through a dealership than a fully online retailer. Among recent buyers, 73% said they made sacrifices to purchase an affordable vehicle, and 71% took out an auto loan. Fifty-three percent of online car shoppers said they used AI at some point in the process.
On the broader economy, 76% of middle-income Americans said they are on the right financial track, and 83% said they will find a way to manage rising costs, even as the share calling inflation a major concern climbed to 86%. Ninety-two percent reported taking some action in response to inflation, most commonly cutting retail spending (49%) and reducing entertainment and travel spending (44%). Recession expectations eased to 61%, a one-year low.
