Why Banks Risk Losing Wealth-Building Customers to Social Media, AI, and Outside Advisors

By Jessica Kendall, Contributor

Americans are exploring more ways to build wealth, from stocks and digital assets to professional advice, social media content, and generative artificial intelligence. Yet having more options has not made financial planning easier.

The U.S. Bank 2026 Wealth Report found that 72% of Americans believe investing has become more complicated, while 75% want additional guidance about where to invest. For banks, this creates both a challenge and an opportunity: financial institutions must turn the demand for advice into stronger customer relationships and deeper engagement.

Simply publishing educational content is no longer enough. Banks need to connect guidance with the financial decisions customers are making, explain choices in accessible language, and provide a clear next step. Institutions that do this effectively can remain relevant as customers move through different stages of their financial lives.

Key Takeaways for Banks

• Define wealth around individual goals. Homeownership remains important, but many younger consumers view investing as a more achievable path to financial growth.
• Make investment guidance easier to access. With three-quarters of Americans seeking more help, banks have an opportunity to provide clear and timely support.
• Reach customers through the channels they use. Forty-seven percent of Gen Z respondents use social media for financial guidance, while 22% use generative AI.
• Recognize differences in financial confidence. Forty-four percent of surveyed Americans are first-generation wealth builders who may lack family guidance or an expected inheritance.
• Link education to action. Customers need practical help turning financial information into plans that reflect their circumstances and goals.

Younger Consumers Are Changing the Meaning of Financial Success

Traditional milestones such as buying a home and retiring comfortably remain important, but many younger Americans believe those goals are becoming harder to reach. The U.S. Bank survey shows that younger generations are beginning to focus on wealth building earlier than older generations, even as they feel less financially secure.

Gen Z respondents said they began building wealth at an average age of 19. That compares with 25 for Millennials, 29 for Gen X, and 32 for Boomers. Starting earlier, however, does not necessarily translate into greater confidence. More than half of Gen Z respondents said they had made the right financial choices but still were not where they expected to be. In addition, 62% said they were struggling to make financial progress.

Homeownership remains a major aspiration, with 86% of Americans identifying it as a sign of financial success. However, younger consumers are increasingly adapting their strategies to match current economic conditions.

For example, 62% of Gen Z respondents and 61% of Millennials said the stock market offers a more realistic path to wealth than homeownership. That compares with 45% of Boomers. Nearly half of Gen Z and Millennial respondents also viewed newer investment options, including cryptocurrency, as more appealing than traditional investments.

Banks Should Broaden the Conversation About Wealth

Financial institutions should avoid treating homeownership or retirement as the only measures of progress. Customers may instead be focused on paying down debt, creating an emergency fund, saving for education, investing for a long-term goal, or improving their financial stability.

Goal-based financial tools can help banks make their guidance more relevant. Educational content and customer conversations should acknowledge competing priorities and show how everyday decisions can support a broader financial plan.

When banks recognize that customers define progress differently, they can provide more practical and personalized support. This approach can also help institutions build trust with consumers who may feel that traditional financial milestones are out of reach.

Consumers Are Seeking More Investment Guidance

The investment environment has become increasingly difficult for consumers to navigate. Seventy-two percent of Americans said investing feels more complicated than in the past, while 66% feel pressure to keep pace with investment trends. Another 28% said they do not know enough about investing, and 13% believe investment platforms are too difficult to use.

The demand for help is clear. Three-quarters of respondents want more guidance about where to invest. However, customers are turning to a wide range of sources, and younger consumers are less likely to rely on traditional financial institutions.

Among Gen Z respondents, 47% use social media for financial guidance and 22% use generative AI. Only 24% rely on traditional financial institutions or financial advisors for this type of information. Across the broader group surveyed, financial advisors were considered the most useful resource among the options evaluated, while generative AI received the lowest usefulness rating among those who had used it.

This fragmented information environment means banks must do more than produce additional educational material. Their guidance must be easy to discover, simple to understand, and relevant at the moment customers are making financial decisions.

That includes answering common customer questions, explaining investment concepts in plain language, and connecting educational content to useful tools or services. Banks should also consider how customers discover information through search engines, social platforms, and AI-powered services.

Financial Confidence Varies Across Customer Groups

Customers do not begin their wealth-building journeys with the same level of financial knowledge, confidence, or support. The report highlights important differences among women and people who are building wealth without family guidance.

Only 26% of women said they felt prepared to make informed financial decisions when they began building wealth, compared with 41% of men. Women were also more likely to want investment guidance, with 80% saying they wanted additional help deciding where to invest.

Despite that demand, only 22% of women said they use a financial advisor, compared with 35% of men. Women were more likely to cite limited investment knowledge and a lack of confidence in making financial decisions. They also more frequently reported that debt, income interruptions, and major life changes had disrupted their long-term financial plans.

First-generation wealth builders face another set of challenges. This group represents 44% of Americans and began intentionally building wealth at an average age of 28. By comparison, Family Guided Self Builders began at an average age of 25.

Only 21% of first-generation wealth builders said they felt prepared when they started, compared with 49% of people who had family financial role models. Without inherited knowledge or regular exposure to financial planning, these customers may need more foundational support before they are ready to consider advanced investment strategies.

Personalized Financial Education Is More Effective

A single financial education strategy will not meet the needs of every customer. Some people need help with budgeting, emergency savings, or debt management. Others may be ready to discuss investing, diversification, and retirement planning. Customers facing a job change, marriage, divorce, or other major transition may need a different form of guidance altogether.

Banks can improve relevance by using customer research, behavioral insights, and voluntary preference information. These tools can help institutions tailor education without making assumptions about a person’s financial knowledge or circumstances.

The objective should be to provide a useful next step rather than overwhelm customers with information. Clear explanations, goal-based recommendations, and timely prompts can help customers move forward with greater confidence.

Financial Education Can Lead to Stronger Customer Relationships

The report also suggests that financial knowledge can help customers take calculated risks more effectively. Financially Informed Risk-Takers represented 23% of respondents. This group was more likely to have a financial plan, with 67% reporting that they had one compared with 58% of other respondents.

They were also more likely to work with an advisor, at 50% compared with 35%, and were three times more likely to say they felt very prepared when they began building wealth.

These findings indicate that confidence and investment activity can coexist with planning and education. Customers who are exploring newer or higher-risk investments still need information about diversification, risk tolerance, fees, and how an investment fits within their broader goals.

Banks can strengthen their role by connecting educational resources with practical tools and professional support. A customer creating a savings goal could receive guidance on emergency reserves. Someone asking about investing could be shown information about risk and diversification. A major life event could prompt a review of financial priorities.

These interactions should make it easier for customers to take informed action while giving them access to human assistance when they need it. Over time, useful support can give customers more reasons to return to their bank for future financial decisions.

How Banks Can Measure the Impact

Financial education alone does not automatically improve retention, increase revenue, or deepen relationships. Banks should measure whether their guidance leads to meaningful customer outcomes.

Useful measures may include engagement with educational resources, completion of recommended financial actions, adoption of suitable products, use of planning tools, advisor interactions, and changes in customer confidence.

Tracking these outcomes can help banks determine which forms of guidance are most useful and where customers continue to encounter barriers. It can also help institutions refine their approach as customer expectations and financial behaviors change.

The Bottom Line

Americans remain focused on building financial security, but their goals, starting points, confidence levels, and preferred sources of advice vary widely. Younger consumers are increasingly turning to social media and artificial intelligence, while many customers still want the expertise and trust associated with professional financial guidance.

Banks that recognize these differences can make financial advice more accessible, personalized, and actionable. The opportunity is not simply to publish more content. It is to help customers move from uncertainty to informed decisions through guidance that is timely, understandable, and connected to real financial goals.

By supporting customers throughout their financial lives, banks can build stronger relationships and remain a trusted destination for wealth-building advice.

Source: TheFinancialBrand.com