On Average, Electric Bills Are On The Rise

^{Source: The 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy / “It’s the Economy, Again” page 3.}

What we’re seeing:

Alkami’s telemetry data shows electricity bills increased more than 11 percent, on average, from August 2021 to August 2022, a peak month for consumption.

Takeaway:

The current inflationary environment is contributing to the financial stress of the average account holder. With 49 percent of consumers being worried about their financial situation and 40 percent reporting that managing their finances is “overwhelming”.

Call to action for FIs:

The current economic environment creates an opportunity for regional and community financial institutions to offer financial wellness education and support to their account holders.