Financial Services


Why retailers may want to double-check customers’ debit cards

US adults share a variety of personal finance concerns amid the pandemic-induced recession.

Despite the decline in total ad spending in the US this year, the financial services industry will increase its digital ad outlays. Why? The pandemic has caused many consumers to reassess their personal finances and change how they bank, leading the financial services industry to continue spending on digital ads during the pandemic.

It is unlikely that US adults will be doubling down on their investments anytime soon. Per July 2020 polling from consulting firm Phase5, 45% of US adults said that the pandemic has not created good investment opportunities.

Today marks a big milestone at Insider Intelligence: We launched our new platform, unifying our two brands (eMarketer and Business Insider Intelligence) into a single online experience and expanded our Financial Services coverage. We also just published a report that’s been long in the making--and it happens to be our very first under the new brand.

With wide disparities in consumers’ balance sheets, there’s less variation than one might expect in the incidence of financial anxiety, which has percolated up the income scale.

This year, 81.6% of internet users in the US will access their bank accounts digitally at least once per month, according to our latest estimates. That’s significantly higher than the 72% we previously projected, due in large part to the pandemic. We expect this behavior to continue, and by 2023, we forecast there will be 207.3 million US digital banking users.