1、2024 Consumer Financial Wellness ReportAmerican Families Approach 2024 with Cautious OptimismMethodologySurvey MethodOnline SurveyRegional Coverage NationalField TimingNovember 27 December 04,2023Screening CriteriaSelf-identifying as Asian,African American,Hispanic or N.H.White 18+years TOTAL SAMPLE

2、:1,500500Hispanics250African American250Asians500N.H.WhitesKey FindingsKey Findings Most American adults feel confident about their ability to manage their finances.Respondents are nearly twice as likely to say that that their financial situation(both personal and family)will improve compared to 202

3、3.However,2 out of 3 Americans are concerned/worried about their financial future Inflation is the number one financial concern for most.Unexpected expenses,cost of housing and rising interest rates are top concerns as well.Among those who carry debt,most say its difficult for them to make payment e

4、ach month.Family and friends are the most sought out sources of financial advice and support.Most believe that financial education plays an important role in promoting well-being.Data InsightsData Insights11%13%9%13%15%F9%9%14%11%10%8%21%23%18%20%18%23%22%26%I22%16%23%26%26%27%26%23%34%D27%23%26%26%

5、31%20%21%19%20%22%20%19%17%19%24%19%22%17%27%A21%22%14%23%E20%22%24%19%TotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64Much moreworried/anxiousSomwehat moreworried/anxiousThe sameSomewhat lessworried/anxiousMuch lessworried/anxiousLetter indic

6、ate significant difference at 95%confidence level.Women,N.H.Whites and Gen X respondents are the most likely to say they are“much more worried/anxious”.Asians are the most likely to feel that their finances will remain the same.African Americans are less likely to say theyre worried/anxious about fi

7、nances than N.H.Whites.58%of respondents say they feel the same or less worried/anxious about their finances compared to one year ago.When it comes to your finances,how do you feel now compared to 1 year ago?Would you say that you are(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=727)(n=758)(n=500)(n=

8、250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Top Two Box42%38%46%A41%44%34%42%37%41%48%G38%Bottom Three Box58%Letter indicate significant difference at 95%confidence level.Gen Z and Millennials are significantly more likely than their older cohorts to believe that their finances will improve in 202

9、4.Men are more optimistic than women.Whites and Asians are more likely than Blacks and Hispanics to feel that their finances will worsen in 2023.Respondents are nearly twice as likely to say that that their financial situation(both personal and family)will improve compared to 2023.Thinking of your o

10、wn personal and your family finances for 2024,which of the following would you say best describes your feelings towards this upcoming year?8%5%11%A9%12%F9%7%11%H4%9%H11%H20%18%22%14%17%21%C22%C15%18%24%GH22%34%31%37%33%D22%49%CDF36%D23%33%G36%G42%G38%46%B30%44%EF49%EF21%35%E51%IJ45%IJ31%25%TotalMale

11、FemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64Better than 2023About the same as 2023Worse than 2023I dont know(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Letter indicate significant

12、difference at 95%confidence level.Hispanics,N.H.Whites and Millennials are the most likely to report feeling financially overwhelmed.N.H.Whites are significantly more likely to state theyre worried about not having enough money for retirement that African AmericansBaby Boomers are least likely to fe

13、el financially overwhelmedHowever,more than half are concerned about their financial future as well as not having enough money saved for retirement.TOP TWO BOX:STRONGLY AGREE/AGREEHispanicsAfrican-AmericansAsiansN.H.Whites Gen Z18-25Millennials26-41Gen X42-57Boomers58-64(C)(D)(E)(F)(G)(H)(I)(J)I am

14、concerned about my financial future56%57%60%59%50%66%GJ62%G52%I worry about not having enough money for my retirement56%49%55%58%D45%58%G63%G56%Thinking about money can cause me to lose sleep45%45%44%44%43%49%J44%38%I feel financially overwhelmed and confused36%D27%31%37%D36%J45%IJ32%J16%Base:(n=1,5

15、00)(n=500)(n=250)(n=250)(n=500)(n=192)(n=646)(n=468)(n=194)59%57%45%35%How much do you agree or disagree with the following statements?Letter indicate significant difference at 95%confidence level.Men report a higher level of confidence than women.African Americans and Baby Boomers expressed the mos

16、t confidence across the demographic groups.Gen Z was the least confidentDespite their concern about the future,close to two-thirds indicate that they are confident in their ability to understand and manage their finances.How confident are you in your ability to understand and manage your finances?4%

17、3%6%4%1%7%D5%D6%4%3%4%18%16%19%19%19%15%18%24%16%17%17%14%11%17%A19%F13%22%DF12%19%J15%12%9%33%35%32%31%31%38%33%29%34%35%33%31%36%B26%28%E36%E18%31%E23%31%32%37%GTotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64Very confidentConfidentNeutralSo

18、mewhat confidentNot confident at all(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Top Two Box64%71%B57%59%66%E56%64%52%64%G68%G70%GLetter indicate significant difference at 95%confidence level.49%46%52%52%E49%43%48%24%50%G59%G55%GTota

19、lMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64Asians and Gen Z are the least likely to have outstanding loans or debt.Women are slightly more likely to have outstanding debt than men.About half of all respondents report having outstanding loans/

20、debt.Do you have any outstanding loans/debts?Yes responses(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)(1,500)(n=727)(n=758)Letter indicate significant difference at 95%confidence level.Credit card debt is most common,followed by aut

21、o loans.What type of loans/debts do you currently have?Base:They have an outstanding loans/debts(n=751)60%40%34%34%27%Credit card debtAuto loanPersonal loanMortgageStudent loanHigher among Millennials and Gen XCREDIT CARD DEBTAUTO LOANEspecially common among N.H.WhitesHispanics,African-Americans and

22、 Gen Z under-indexMORTGAGELetter indicate significant difference at 95%confidence level.African-Americans,Gen Z and Women report the most difficulty in making their debt payments.Boomers,Asians and Men,in general,have the least difficulty.Making payments each month is difficult for most respondents

23、who have debt.Only about one-quarter say they can easily make their debt payments.Which one of these options would you say applies to your current financial situation?Base:They have an outstanding loans/debts(n=751)*Caution:Small base size(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(751)(n=347)(n=395)(n=254)

24、(n=133)(n=114)(n=250)(n=58*)(298)(n=291)(n=104)3%3%2%2%5%4%3%3%1%2%5%H15%11%19%A11%21%CE8%15%20%J16%J17%J4%21%19%22%25%29%23%19%23%22%24%13%35%34%36%38%D27%35%36%39%38%31%37%26%33%B20%24%19%30%28%14%22%25%41%GHITotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X4

25、2-57Boomers58-64I can easily make my debtpaymentsI can make my debt payments but its difficultIm having trouble keeping up with my debt paymentsI cannot pay my currentdebtsPrefer not to answerLetter indicate significant difference at 95%confidence level.Gen Z are less concerned than their older coho

26、rts about inflation and the economy,and more concerned about housing costs and their ability to save.Inflation is the number one financial concern across the board.Unexpected expenses and the cost of housing are top concerns as well.What would you say are your biggest financial concerns?TOTAL MARKET

27、MaleFemaleHispanicsAfrican-AmericansAsiansN.H.Whites Gen Z18-25Millennials26-41Gen X42-57Boomers58-64(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Inflation/high prices56%60%56%48%61%D61%D49%55%62%G71%GHUnexpected expenses39%47%A43%39%44%45%39%41%43%55%GHICost of housing39%41%42%D33%37%41%D48%J42%J40%J24%State of e

28、conomy in general37%37%34%29%37%40%D25%36%G40%G47%GHSavings33%35%33%34%33%34%41%J35%J37%J21%Afford basic necessities27%37%A30%E25%22%36%DE29%33%36%J26%Retirement savings30%28%23%23%26%32%CD16%24%37%GH41%GHInterest rates27%22%28%D17%24%26%D17%27%27%22%Overall level of debt21%21%19%23%18%22%17%23%25%J

29、16%Investing21%B11%17%19%21%15%20%20%15%12%Lending7%6%9%E6%4%6%7%J10%IJ5%J1%None of the above5%7%4%8%C6%5%9%6%3%5%Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Average#of financial concerns3.53.63.43.43.13.33.64.13.23.43.958%44%40%37%34%32%29%24%21%17%6%5%Letter i

30、ndicate significant difference at 95%confidence level.Blacks are the most likely to be concerned about rising interest rates.Gen Z is the least likely to be concerned.Most respondents are concerned about rising interest rates.How concerned are you about high/rising interest rates?Base:Understand som

31、ewhat/very well on how interest rates work5%6%5%5%6%5%6%8%3%6%7%8%8%8%9%9%9%7%13%H6%7%9%22%20%23%26%22%31%F21%32%IJ21%20%15%30%35%F25%33%D22%27%31%31%34%J32%22%35%31%39%27%41%CE28%35%16%36%G35%G47%GTotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58

32、-64Very concernedModerately concernedSomewhat concernedSlightly concernedNot concerned at all(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,086)(n=563)(n=516)(n=355)(n=180)(n=168)(n=383)(n=137)(n=414)(n=363)(n=172)Top Two Box65%66%64%60%63%55%66%47%70%G67%G69%G31%38%B24%27%30%21%32%C22%31%29%45%GHI46%46%46%4

33、8%43%48%46%43%47%48%40%18%14%22%19%21%24%18%28%HIJ17%18%13%5%2%8%6%6%7%4%7%J5%5%2%TOTALMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64Very wellSomewhat wellNot very wellNot at allLetter indicate significant difference at 95%confidence level.Gen Z

34、report the lowest familiarity with how interest rates work.The vast majority say they understand interest rates either very or somewhat well.How well do you understand how interest rates work?(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=

35、217)77%75%73%69%78%F65%78%G77%G85%G70%84%C Letter indicate significant difference at 95%confidence level.Gen Z and Millennials are significantly more likely to seek support than their older cohorts.Over half of respondents seek support or advice when they are financially stressed.In times of financi

36、al or money stress,do you seek support or advice?Base:Yes responses55%55%55%59%58%52%54%64%IJ64%IJ49%J38%TotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-64(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base:(787)(n=384)(n=394)(n=282)(n=133)(n=124)(n=248)(n=130)(

37、n=340)(n=229)(n=88*)*Caution:Small base size Letter indicate significant difference at 95%confidence level.Millennials are the most likely to discuss their finances.Family and friends are the biggest sources of financial support/advice.Fewer than half of respondents feel comfortable talking about th

38、eir finances with others.How comfortable are you discussing your finances with others?15%14%19%11%14%13%12%16%19%20%24%18%18%21%16%20%21%23%26%27%28%35%25%32%22%27%28%24%22%18%26%25%27%J27%J23%15%15%13%17%E10%15%12%19%13%15%TotalHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen

39、 X42-57Boomers58-64Very comfortableSomewhat comfortableNeutralSomewhatuncomfortableVery uncomfortableWho do you turn to for support or advice?Base:They seek support or advice(n=787)Higher among females and Gen X.Most common among N.H.Whites,African-Americans,Males and Millennials.11%Online resources

40、 and forumsHigher among Asians(C)(D)(E)(F)(G)(H)(I)(J)Base:(1,500)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Top Two Box39%35%35%36%40%39%46%36%30%35%Financial Advisor55%Family or FriendsLetter indicate significant difference at 95%confidence level.In your opinion,what role does financi

41、al education play in promoting mental well-being?3%2%3%2%3%5%2%2%2%3%4%5%5%6%4%5%7%6%5%5%6%7%28%26%30%28%21%31%D30%D29%24%29%30%36%39%34%39%39%34%35%39%33%39%36%28%28%27%27%32%E23%27%25%36%GI23%23%TotalMaleFemaleHispanicsAfrican-AmericansAsiansN.H.WhitesGen Z18-25Millennials26-41Gen X42-57Boomers58-

42、64Very importantImportantModerately importantNot very importantIt is not very importantat allTop Two Box64%67%61%66%71%EF57%62%64%69%62%59%(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)Base(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)The majority believe that financial education play

43、s an important role in promoting well-being.AppendixLetter indicate significant difference at 95%confidence level.Participant ProfileTOTAL MARKETMaleFemaleHispanicsAfrican-AmericansAsiansN.H.Whites Gen Z18-25Millennials26-41Gen X42-57Boomers58-64(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)GENDERFemale49%-100%50%4

44、7%47%49%53%46%50%47%Male50%100%-49%52%52%50%45%53%48%53%Other(Net)1%-1%1%1%-2%-1%-AGE18 to 2518%16%20%21%20%14%17%100%-26 to 4135%37%33%39%F38%39%32%-100%-42 to 5731%29%31%30%28%37%31%-100%-58 to 6416%17%16%10%14%10%20%CE-100%Median age404040373840 C42 CD2234 G50 GH61 GHIETHNICITYHispanic/Latino18%1

45、7%20%100%-30%HIJ18%J15%J10%Black,African-American14%13%15%-100%-14%14%15%13%Asian6%5%7%-100%-7%5%7%5%White(Non-Hispanic)62%65%59%-100%49%63%63%72%REGIONSNortheast17%17%17%14%16%21%18%11%19%G19%G18%Midwest21%19%22%10%18%C12%25%CDE16%21%21%25%South38%37%40%38%E57%CEF24%36%E49%HIJ35%37%34%West24%26%21%

46、38%DF9%43%DF21%D24%24%23%23%Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)Letter indicate significant difference at 95%confidence level.Participant ProfileParticipant ProfileTOTAL MARKETMaleFemaleHispanicsAfrican-AmericansAsiansN.H.Whites Gen Z18-25Millennials26-4

47、1Gen X42-57Boomers58-64(A)(B)(C)(D)(E)(F)(G)(H)(I)(J)MARITAL STATUSSingle(Net)34%32%35%34%49%CF40%F29%65%HIJ33%IJ25%18%Married or living with partner(Net)53%58%B49%54%D37%54%D57%D29%61%G57%G59%GSeparated/divorced/widowed(Net)12%10%14%A12%E10%E5%13%E3%6%18%GH22%GHPrefer not to answer1%1%2%1%3%1%-3%-1

48、%1%EDUCATIONHigh School Grad or Less(Net)27%22%32%A33%EF39%EF12%25%E41%HIJ26%23%22%Some College(Net)35%34%36%40%E38%E22%35%E36%30%39%H39%College Grad or More(Net)37%43%30%26%22%64%CDF39%CD22%43%G38%G37%GEMPLOYMENT STATUSEmployed(Net)65%70%B59%68%60%62%64%59%J77%GIJ65%J43%HOUSEHOLD INCOMEMedian$61.3K

49、$85.8K$50.8K$53K$46.1K$94.1K$65K$51.6K$65.3K$61.9K$67.9KPEOPLE IN HOUSEHOLDAverage 3.13.03.03.42.83.03.03.33.33.02.2Children at home.1 or more(Net)42%44%40%51%38%37%41%42%59%39%11%Born outside the U.S14%12%16%40%DF10%F67%CDF4%18%J12%15%J8%Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)