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The basics:

• Provident Bank‘s 2026 Consumer Survey: 64% worried about rising cost of living
• Consumers respond by cutting spending and reducing debt
• High mortgage rates delaying home purchases
• Many want better financial education from banks

Consumers are under financial pressure but are actively adapting, according to Iselin-based Provident Bank‘s 2026 Consumer Survey, released May 14. 

The poll examined how U.S. households are navigating inflation and elevated interest rates and what they expect from their financial institutions. 

“Our latest survey highlights the ongoing financial pressure many households are facing, from persistent inflation and elevated interest rates to a housing market that remains out of reach for many,” Provident President and CEO Anthony Labozzetta said in a statement. 

Labozzetta added that consumers are responding to these constraints “by reducing discretionary spending, prioritizing debt, and delaying major purchases.” 

More than 1 in 3 Americans said keeping up with the rising cost of necessities is their top financial priority. In response, they are paying down debt faster, rethinking credit card use and redirecting tax refunds toward essentials. 

Survey highlights:

• Nearly 64% of consumers are extremely or very concerned about the current cost of living.  
• The most burdensome expense increases are:
  • 63% Groceries
  • 46% Gas
  • 33% Utilities
  • 23% Housing
  • 13% Health insurance premiums
  • 11% Auto/home insurance premiums 

• When asked about their economic outlook for their personal finances:
  • 39% predict they will improve
  • 39% said they will stay the same
  • 22% foresee their situation worsening 

• More than 61% of consumers have made at least one significant change to their credit card use in response to elevated interest rates:
  • 32% are actively paying down debt faster to avoid accruing interest
  • 21% have stopped using credit cards for non-essential purchases 

• Nearly 20% of consumers are delaying a home purchase due to high mortgage rates
  • About 11% would like to sell their home but are staying put because their current rate is significantly lower than today’s rates 

• 58% of consumers rate financial literacy and education programs as essential or very important when choosing a bank
  • Only 29% find their bank’s current offerings genuinely helpful
  • Nearly 30% have not seen any relevant resources from their bank 

Seeking solutions

The survey of 1,000 U.S. adults was conducted by market research provider Pollfish on behalf of Provident Bank. The poll spanned a range of income levels, employment statuses and age groups from 18 to 65 and older. 

Provident’s 2026 Consumer Survey mirrors findings from a recent Rutgers-Eagleton Poll. While that survey found slightly easing financial pressures among consumers regarding basic necessities, pain at the pump jumped from 54% in October to 59% in April.