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- / Charts, Data Bites
- / January 11, 2024
Did Consumers Invest More Dollars in 2023?
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What we're seeing
Previously, the data panel showed that the number of account holders transferring money to an investment account decreased each of the past two years. However, in 2023, the data shows an increase in total dollars moved to investment accounts in 2023, compared to 2021 and 2022 independently.
In contrast, fewer account holders sent money to investment accounts, but those that did were able to send more overall dollars. The dual rising inflation and rising interest rate environment has impacted different sets of consumers in different ways.
Takeaway & Call to action for FIs
Financial institutions should focus on investment and savings messages directed to their account holders. Those with larger overall balances could be targeted for wealth management services, while those with lower relative balances may be more receptive to a certificate of deposit or high interest money market account.
Source
Alkami Telemetry Data for this figure was sourced from a panel of 22 financial institutions with more than 2.5 million account holders and over 1.5 billion transactions.