Financial Data Fuels Personalized Experiences — And Consumers Are Willing To Share It
August 8, 2023 | 1 min read
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Financial wellness can mean different things to different people. But, according to our latest MX survey of 1,000+ U.S. consumers, it boils down to one essential thing — being able to live without worrying about money. However, the last few years — from the COVID-19 pandemic to rising interest rates to the recent collapse of several financial institutions — have brought a whirlwind of challenges that threaten their financial security. Here’s a few key stats that show how consumers feel today:
Somewhat Optimistic for the Future: Forty-four percent agree they feel confident their financial situation is better than 12 months ago. This is even higher among younger generations (Gen Z: 56%, Millennials: 51%), and those who identify as Asian, Black, Hispanic, or other (50% compared to 39% of those who identify as White).
Covering Costs: When asked what statement best describes their current financial situation, nearly one-third of consumers say they are confident in their ability to cover any expenses, with Baby Boomers (41%) and Millennials (34%) most confident. That said, 26% of respondents said they are worried about how they would cover unexpected expenses and 13% say they do not always have enough to pay for everyday necessities.
Money Worries: Forty-eight percent of respondents say money is a source of stress for them and thinking about money makes them anxious (47%). Additionally, 76% of respondents agree they are worried about rising costs due to inflation. And, in the face of a potential recession, consumers are taking steps to prepare:
2023 Financial Goals: When asked about their top financial goals for the year, 42% of respondents are saving for a large purchase or retirement and 21% are paying off debt.
Check out the full research report below for more.
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