Bank of America: 73% Concerned by Costs, 50% Adopt AI Finance Tools
73% of Americans expect inflation and higher costs to affect their finances in 2026, yet over 70% feel optimistic and aim to increase savings and credit card paydown. Bank of America reports that over 50% of customers use AI tools for budgeting, investment reviews and personal finance audits.
1. Consumer Financial Outlook
Bank of America data shows 73% of Americans expect inflation and higher costs to influence their finances in 2026. Over 70% feel optimistic about their financial future and plan to boost savings and pay down credit card debt.
2. Generational Spending Trends
62% of Gen Z admit to impulsive purchases driven by stress or anxiety. Overall, 44% of Americans prioritize day-to-day treats and experiences over future savings, rising to 55% among millennials and 25% among baby boomers.
3. AI Adoption in Financial Management
More than half of customers use AI for budgeting, learning basic financial concepts, reviewing investment recommendations and auditing their personal financial situation. Similar proportions generally trust the technology and question its accuracy, indicating both interest and skepticism.
4. Implications for Bank of America
Increasing customer use of AI presents opportunities for Bank of America to enhance its digital banking, credit card and advisory services. Deploying AI-driven tools could strengthen customer engagement, improve financial outcomes and drive revenue growth.