Since the start of the pandemic, many people have assessed what is important to them, Wetzel says. For some, this could include deciding whether the banks they do business with match their values.
According to a recent NerdWallet survey, 78% of banking customers say having a primary bank that is ethical or socially responsible is very or somewhat important. The survey of over 2,000 American adults was commissioned by NerdWallet and conducted online by The Harris Poll.
This finding suggests that ethical or social issues such as racial fairness, environmental impact, and community impact are important to consumers when choosing who to do business with.
Take action: If your current bank doesn’t reflect your values, consider choosing a new institution that does.
5. Your child could use a new banking app
Banks and financial institutions have rolled out banking apps specifically for kids and teens, and if your child hasn’t signed up yet, these apps are worth checking out in 2022. Banking apps can help kids develop their skills. financials, says Clark Kendall, president and CEO of Kendall Capital, a wealth management firm in Rockville, Maryland. “Giving children a budget and the responsibility for certain purchases, like their own clothes or shoes, helps them better prepare them to manage their own money in the future,” he says.