US Report: The Year of the Empowered Financial Consumer

Consumers are becoming more research-driven about how to spend and invest their money, leading them to spend more time finding the best credit card, bank account, or investment possible. To help financial advertisers get an edge and stand out to these financially literate consumers, we surveyed 15,000 US consumers in 2024 to uncover what matters most to them when researching financial services.

Understanding the Empowered Financial Consumer

In our survey, we found that more consumers are seeking finance-related content across social media, blogs, and websites due to a growing interest in budgeting, expense management, and saving strategies.

The Influence of FinFluencers

Gen Z’s entry into the workforce has amplified the role of finance influencers (FinFluencers) on platforms like TikTok, who provide valuable advice on investing, saving, and credit card perks. In fact, 80% of consumers following a finance influencer said they’d likely value the influencer’s opinion on which credit card to apply for.

Credit Card & Banking Trends

57% of respondents are on the lookout for new credit cards or bank accounts, with their research heavily influenced by email communications from credit card companies, referrals from friends and family, and, increasingly, social media and online advertising.

Our report highlights the importance of aligning credit card offerings with consumer desires for cost-effective financial solutions, leveraging the right affiliate partnerships to target customers effectively.

Excellent customer service remains the top factor for consumers when selecting a bank, alongside mobile banking capabilities, low monthly fees, and physical branch availability. Despite this, online-only banking is gaining reaction, with 39% of consumers under 60 considering it, up from 32% in 2023.

Publishers & Compliance

Strategic affiliate partnerships are critical for financial affiliate success. Partnering with trusted, compliance-focused publishers is crucial for financial brands to amplify their reach and credibility.

At Rakuten Advertising, we combine human expertise with Affiliate Intelligence to create our comprehensive compliance solution. With financial advertisers facing unique risks, partnering with a provider that offers real-time monitoring, content oversight, and social listening is essential for maintaining compliance and driving successful affiliate programs.

By leveraging the insights uncovered in this report, financial advertisers can strategically position their brands to meet the needs of the empowered financial consumer, ensuring sustainable growth and engagement in 2024 and beyond.

For the full report featuring more insights on how consumers find and choose financial services, access our 2024 Financial Affiliate & Consumer Trends Report.