CFPB National Age-Friendly Banking Survey

Older adults are, and are increasingly becoming, an important customer base for banks and credit unions. The proposed survey aims to examine how banking experiences may vary as people age, and how they may differ for specific subpopulations of older adults that face unique challenges related to accessibility and quality of banking services, such as older adults living in rural communities, older adults of color, and the oldest segment of the population (75 and older). The proposed survey also seeks to enhance the understanding of the experiences of older adults with banking, including challenges and opportunities for adoption of “age-friendly” account features. Using NORC’s AmeriSpeak, a probability-based survey panel, the proposed survey will be fielded to approximately 2,500 adults ages 18 and older who have a bank account, including oversamples of five specific subgroups of older adults. The survey will take approximately 15 minutes to complete, and participants will have the option to complete the survey either online or on the phone, and will be available in Spanish and English. The proposed survey will collect information on respondents’ experiences with their primary bank or credit union, more specifically: (1) background information about type of institution, length and quality of the relationship; (2) importance, availability, and use of “age-friendly” banking features; (3) experiences with fraud and scams and financial caregiving involving accounts with their primary bank; (4) use and accessibility of banking services; (5) other aspects of the relationship with their primary financial institution, including credit and loans. The survey will be supplemented with existing panelists’ responses to demographic, geographic and financial questions. The results will inform CFPB’s age-friendly banking educational, regulatory, and policy work; banks, lenders, and financial institutions’ initiatives and resources focused on financial inclusion of older adults; and state, local, and community entities seeking to strengthen the financial inclusion component of their “age-friendly” community plans. The data gathered through this survey will empower many other governmental, nonprofit, and other entities to conduct analysis on topics of interest relevant to their work and apply their findings to enhance consumer protections and expand age-friendly banking products and services nationwide.

The latest form for CFPB National Age-Friendly Banking Survey expires 2026-10-31 and can be found here.