According to a recent WalletHub banking survey, approximately two in three Americans believe their money isn't keeping pace with inflation, and two in five feel their bank is taking advantage of them.
WalletHub managing editor John Kiernan joins Wealth to discuss current consumer sentiment regarding personal finances.
Kiernan notes significant "dissatisfaction" among consumers in their ability to cover expenses in today's high interest rate environment. One option, he notes, is to use alternative money management methods. In particular, he recommends exploring smaller banks or credit unions rather than major banking institutions, as these alternatives might offer better returns.
"Part of the problem is that people are kind of thinking inside the box when it comes to where they're going to put their cash," Kiernan says. "Credit unions also are 78% less expensive than national banks for checking accounts on average ... so you're getting a lower cost, more features, and a higher return, which are all things that can really kind of be in your corner fighting against inflation [and] high prices."
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Watch the full interview above to hear why Kiernan believes "online-only firms" provide the best opportunities for savings accounts.
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This post was written by Angel Smith