- More than half (56%) say they always worry about money even
when they have enough
- Half (50%) of teens confess they have lied about how much they
spend
When asked how Americans are faring financially, most admitted
to having to make major adjustments due to the economy, according
to the inaugural Wells Fargo Money Study. Two-thirds (67%) of
Americans say that they’ve cut back on spending, and almost half
(45%) say they’ve put some life plans on hold. A third (35%) have
dipped into their savings or investments. And almost two thirds
(62%) say that even though they are able to pay their bills, they
have little left over for “extras.”
“The data tells us that Americans – no matter who they are – are
uncertain about the sustainability of their financial lives. We
launched The Wells Fargo Money Study to help them get back on
track. We took a unique, authentic and fresh look at money from the
viewpoint of Americans of all demographics to get insight into how
we can make better progress together toward our financial goals –
whatever they may be,” said Michael Liersch, head of Advice and
Planning for Wells Fargo.
The data reveals Americans’ real attitudes about money,
including how they talk about money, whether it brings them joy or
stress, how it informs their life narrative – or “money story” –
and how they want help improving their approach to money. On behalf
of Wells Fargo, Versta Research conducted a national survey of
3,403 U.S. adults and 203 U.S. teens age 14 to 17.
Investment and Insurance Products are:
●
Not Insured by the FDIC or Any Federal
Government Agency
●
Not a Deposit or Other Obligation of, or Guaranteed by, the Bank
or Any Bank Affiliate
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Subject to Investment Risks, Including Possible Loss of the
Principal Amount Invested
Are Americans Over-Spending?
More than half of Americans (58%) report being able to live
within their means and not worry about making ends meet, while
fewer than half (40%) feel they are in good or great financial
shape, and one in four (23%) say they are in poor shape. What’s
more, almost half (44%) report having more debt than they feel
comfortable with, and one in three (31%) report spending more than
they can afford each month.
Despite concerns when managing spending, across all those
surveyed, one-third (37%) say they have been putting more into
savings and investments—while a full 69% of young affluent*
Americans report doing so. Similarly, three out of five (62%) feel
that now is a good time to take advantage of new financial
opportunities. And nine out of 10 (91%) feel it is a good time to
be saving, though just one in seven (14%) feel it is a good time to
borrow.
Financial Behaviors in the
Current Economy
All
Young Affluent
Cutting back on spending
67%
48%
Worrying more about money
57%
42%
Feeling more nervous about debt
45%
27%
Delaying some life plans
45%
27%
Making tough financial choices
45%
39%
Putting more into savings and
investments
37%
69%
Dipping into savings and investments
35%
31%
Making some large purchases
26%
53%
Seeking more advice from others
24%
33%
Taking new financial risks
20%
36%
Thoughts and worries about money: Teenagers are
concerned
A majority of Americans (57%) say their money story is different
from that of their parents. Looking back, adults said they thought
and worried about money a lot less when they were growing up
compared to now. Today’s teenagers look more like today’s adults
when it comes to thinking and worrying about money, with more than
one in three saying they think about money a lot. In fact, 73% of
teens say they sometimes over-focus on how much money they have or
don’t have, and nearly all of teens (91%) want to learn new ways of
thinking about and dealing with their money.
“It may be time to flip the frame when we think of communicating
about money in families: Usually we think of kids needing to listen
to parents when it comes to money. Perhaps it’s time we listen to
our kids, who may have more insight than we think on how we should
be open to learning about, and changing our money behaviors,” said
Liersch.
Lying about money is common: Teens confess to doing it more
than adults
Teens say they’ve lied more about money than adults when it
comes to how much they spend on things, how much they save, how
much their home is worth and how much money they grew up with.
Specifically, half (50%) of teens confess they have lied about how
much they spend on things (versus 32% of adults). Forty-two percent
of teens also report that they have lied to others about their
savings (versus 28% of adults), and 18% of teens have lied about
how much their home is worth, compared to 7% of adults.
Money Conversations and Emotions:
Adults and Teens
Adults
Teens
Reluctant to discuss: How much my home is
worth
39%
50%
Have lied about: How much I have saved
28%
42%
Have lied about: How much I spend on
things
32%
50%
Have lied about: How much my home is
worth
7%
18%
Have lied about: How much money I grew up
with
10%
23%
Barrier to conversation: I may feel
judged
33%
44%
Sometimes I overfocus on how much money I
have or don’t have
60%
73%
I sometimes judge myself based on my money
or lack of money
57%
65%
I want to learn new ways of thinking about
money and dealing with my money
80%
91%
I wish I knew more about better managing
my money
67%
83%
“Teens appear compelled to lie more than adults about various
aspects of their financial lives. We have to ask ourselves why. It
may be from observing their parents’ behavior, peer pressure or the
influence of social media. They may be embarrassed or ashamed of
their or their family’s financial situation,” Liersch said. “There
is also the possibility that teens are simply being more
straightforward about the fact that they are dishonest about money.
It’s important for Americans to understand the money messages
American teens are receiving and why that compels them to lie about
money.”
How money plays a role in mindset
More than half of Americans (57%) admit needing a “mental reset”
when it comes to their money, with many feeling embarrassed, judged
and overly focused on money.
Additionally, more than half of Americans (55%) report having a
love-hate relationship with money and that they:
- Sometimes overfocus on how much money they have or don’t have
(60%)
- Always worry about money even when they have enough (56%)
Over a third (36%) feel embarrassed by their finances, with
nearly as many reporting that:
- They are not their best self when dealing with money (30%)
- Their money controls them instead of them controlling it
(28%)
- They receive criticism from others about their approach to
money (27%)
Almost half (43%) think about money from a scarcity mindset
(what they don’t have) versus a prosperity mindset that focuses on
what they do have (57%).
Feelings of judgement are a factor for most, with more than half
(57%) saying they sometimes judge themselves based on their money
or lack of money, and half (50%) sometimes feel judged by others. A
large majority (84%) want to be more intentional and thoughtful
about their spending than they are right now.
Highlighting the possibilities for a mental reset and becoming
more intentional about money, two-thirds (68%) agree that their
money story is more about who they are and less about their money.
Four out of five (80%) would value having a bank help them feel
more in control of their money.
“Resetting your money story can feel overwhelming because it can
seem like you need to make large changes all at once,” Liersch
said. “The fact is that it’s small, incremental changes – like
being more intentional about how you spend just on one thing, or
saving even seemingly small dollar amounts like $50 or $100 per
month – that tend to make sustainable positive steps toward
accomplishing your goals. By making regular progress, it can
inspire you to be less reluctant to discuss money because you want
to know and share more about what leads to financial success.”
Majority still reluctant to talk about money
A large majority of Americans (82%) consider money to be a
private topic, with up to two-thirds saying that they’re reluctant
to talk about money, especially when it comes to how much they’ve
saved (65%) and how much they earn (62%).
Half are reluctant to talk about how much they spend on things
generally (49%), yet they are relatively more open about how much
they spend on cars (31% reluctant) and how much their home is worth
(39% reluctant). Nearly two-thirds of those surveyed (62%) believe
that people talk too much about money problems, and consistent with
this, fewer than two in five (38%) believe that living
authentically means being open about money with others.
Money Topics
Reluctant to discuss
Ever lied
How much I have saved
65%
28%
How much I earn
62%
26%
How much debt I have
56%
27%
Specific investments I have
51%
14%
Financial mistakes I have made
49%
23%
How much I spend on things
49%
32%
How much my home is worth
39%
7%
How much money I grew up with
33%
10%
How much my car cost
31%
8%
Some of the groups most reluctant to talk about how much they
grew up with are Gen Z (41%) and young affluent Americans (43%).
Young affluent Americans are also more reluctant to talk about how
much their home is worth (48%). And women are more reluctant than
men in all areas except how much they earn. For most, talking about
their personal finances is harder than talking about religion,
politics or death and it is almost as difficult as talking about
sex. Putting sex and finances head-to-head, almost half (47%) say
that having an open and honest conversation about their money is
more challenging than discussing their romantic life (53%).
Topics that are difficult to
discuss
Sex
60%
Personal finances
57%
Death
46%
Politics
40%
Religion
29%
Personal health or illnesses
28%
Taxes
28%
“I believe that the root cause of people being reluctant to
discuss money is that it reveals more about who they truly are and
that can make them uncomfortable –so much so that they are willing
to lie about aspects of their financial life,” added Liersch. “I’d
suggest that these feelings are part of human nature and encourage
everyone to embrace their respective money stories.”
Americans, overall, are optimistic about where their money
stories are headed. Three out of five (60%) say they are happy with
their money story so far, while two out of five (40%) are unhappy.
However, many more (73%) are optimistic about where their money
story is headed (vs. 27% who are pessimistic).
“Finding a trusted partner to talk about money tends to lead to
a greater likelihood to stay accountable in your money goals. At
Wells Fargo, we have been providing our customers with a digital
experience called LifeSync®, allowing for a personalized approach
to align customers’ aspirations with their financial goals,” said
Liersch. “In the 10 months since we launched LifeSync® we can see
that customers include more goals when they’re talking directly
with a financial professional.”
Learn more about the Wells Fargo Money Study findings at
https://sites.wf.com/wfmoneystudy/.
*Young Affluent defined as: under 40 years old with investable
assets of $500K to $10M.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets. We
provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 47
on Fortune’s 2023 rankings of America’s largest corporations. In
the communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health, and
a low-carbon economy.
About Wells Fargo Wealth & Investment Management
Wells Fargo Wealth & Investment Management (WIM) is a
division within Wells Fargo & Company. WIM provides financial
products and services through various bank and brokerage affiliates
of Wells Fargo & Company and is one of the largest wealth
managers in the U.S., with $2.1 trillion in client assets. WIM
provides personalized wealth management, brokerage, financial
planning, lending, private banking, trust, and fiduciary products
and services to affluent, high-net worth, and ultra-high-net worth
clients. WIM operates through advisors in Wells Fargo Advisors,
independent brokerage offices, and digitally through Intuitive
Investor® and WellsTrade®. The Private Bank is an experience level
for qualifying clients of WIM.
Bank products and services are available through Wells Fargo
Bank, N.A., Member FDIC. Wells Fargo Bank, N.A., is a bank
affiliate of Wells Fargo & Company.
Brokerage services are offered through Wells Fargo Advisors.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing
Services, LLC, and Wells Fargo Advisors Financial Network, LLC,
Members SIPC, separate registered broker-dealers and non-bank
affiliates of Wells Fargo & Company. WellsTrade® and Intuitive
Investor® brokerage accounts are offered through Wells Fargo
Clearing Services.
LifeSync® is available on the smartphone versions of the Wells
Fargo Mobile® app. Additional device availability may vary.
Availability may be affected by your mobile carrier’s coverage
area. Your mobile carrier’s message and data rates may apply.
About the Study
On behalf of Wells Fargo, Versta Research conducted a national
survey of 3,403 U.S. adults and 203 U.S. teens age 14 to 17.
Sampling was stratified and data were weighted by age, gender,
race, ethnicity, income and education to achieve accurate
representation of the current population based on estimates from
the U.S. Census Bureau. The survey was conducted from September 5
to October 3, 2023. Assuming no sample bias, the maximum margin of
error for full-sample estimates is ±2%. Most findings are reported
based on the full sample of adults. Comparisons and data from teens
are noted separately.
News Release Category: WF-ERS
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227004420/en/
Media Helen Bow, 832-962-1452
helen.k.bow@wellsfargo.com
Wells Fargo (NYSE:WFC)
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