New study reveals rising fears of homelessness, and the impact of global conflicts and current events on financial wellness assessment, with Acorns customers showing higher levels of financial security

IRVINE, Calif. and NEW YORK and LONDON, May 9, 2024 /PRNewswire/ -- Acorns, a leading saving and investing app, today released its 2024 Money Matters Report™, shedding light on the current financial concerns gripping Americans. The report reveals a growing unease, with nearly a quarter of Americans expressing concern that their financial situation could lead to homelessness. More than half of those surveyed expressed concerns about the effect macro events like global war and conflict have on their financial security. With the cost of living, inflation and debt topping their list of concerns, a significant portion also lack emergency funds, while many are intensifying their savings efforts amidst mounting worries about their financial futures.

Acorns (PRNewsfoto/Acorns)

While the 2024 Money Matters Report shows a rise in uncertainty, it also validates the impact of early financial literacy education on future financial security, with almost two-thirds of Americans reporting they'd be better off today if they had more financial education earlier in life. Further, Acorns customers are significantly more optimistic about their expected future financial security than the broader survey pool.

"The everyday American is facing a deluge of bad financial news, from persistent increases in inflation to cost of living, all against a backdrop of global war and turmoil. What I'm encouraged by is that we can empirically confront the problem with a mix of education, tools, hope, and confidence — this is what Acorns does for people and what the data supports," said Noah Kerner, Acorns CEO.

The report provides a snapshot of the nation's financial landscape, compiling data from 5,000 U.S. consumers, 18-years-old and older, nationwide and anonymously surveyed by Opinium Research earlier this year. Comparative survey was conducted by Acorns, compiling data from 1,965 Acorns customers surveyed earlier this year. Report findings and takeaways are now available on acorns.com.

Key findings include:

  • Nearly a quarter of Americans are concerned their financial situation could lead to experiencing homelessness, which unfortunately tracks with the rapid increase in the number of adults currently experiencing homelessness in the U.S. in recent years. Approximately a third of Gen Z and millennials (29% and 32% respectively) responded that they fear their financial situation could lead to experiencing homelessness, which is nearly three times more than Boomers and older respondents (11%).
     
  • More than half (52%) surveyed expressed concern about the impact of global war and conflict on their financial security, with 25% saying they are "extremely concerned" and only 8% saying they were "not concerned at all." The rise of AI and climate change also impact financial security, with 39% and 42% respectively citing financial security concerns.
     
  • Across household incomes, Americans' top three biggest financial concerns are cost of living, inflation and debt. Over a quarter of Americans surveyed (27%) have never had an emergency fund. Among those surveyed who have an emergency fund, and are saving more for their emergency fund than they were last year — nearly half (47%) indicated they are contributing more to their emergency funds this year as compared to last because they're worried about the effect of cost of living on their future financial security.
     
  • Overall, less than 10% of people surveyed said they don't have any financial concerns, with the silent generation (over 78 years old) more than twice as likely as the general population to say they don't have any financial concerns (22% vs. 9%).
     
  • Only 35% of those surveyed projected that they would be more financially secure next year than they are currently, while most people (44%) expect their financial security to be about the same. Compared to this time last year, about half (46%) feel the same amount of financial security, and a quarter feel more and less financially secure each.
     
  • Acorns customers feel more financially secure year-over-year compared to the wider pool surveyed (34% of customers vs. 25% of wider pool). This is despite Acorns customers reporting a higher lack of early financial education compared to the wider pool (30% of customers vs. 23% of wider pool). This higher level of financial security clearly indicates that Acorns fills a gap and lifts financial wellbeing.
     
  • Almost a quarter (23%) of American adults say they did not receive any financial literacy education as children, and two-thirds (66%) of people who didn't receive a lot of financial literacy education think their financial security would be better off today if they'd received more financial literacy education as kids. Gen Z (72%) and millennials (75%) who did not receive a lot of financial literacy education as kids are significantly more likely to feel that they would be better off today if they had. This is especially interesting given that these generations also said they received more financial literacy education than older generations.

For more information on the 2024 Money Matters Report™ and Acorns' commitment to empowering financial wellness, visit Acorns' website.

Media Contact: acorns@ssmandl.com

About Acorns 2024 Money Matters Report and Customer Survey
ACORNS 2024 MONEY MATTERS REPORT METHODOLOGY
The research was conducted anonymously by Opinium Research and commissioned by Acorns. This survey was not directed at Acorns customers. Any response collected from a customer was coincidental. The survey was conducted from February 14, 2024 through February 23, 2024, using Opinium Research's nationally representative online research panel. The sample population consisted of 5,000 U.S. consumers ages 18+, comprised of 2,466 males, 2,516 females, 13 nonbinary and 5 preferred not to say.

The survey questionnaire was written by Acorns with questions related to the financial wellbeing index adapted from Netemeyer et. al (2018) with additional guidance from Professor Shlomo Benartzi. "Acorns" and "Money Matters Report" are trademarks of Acorns Grow, Inc.

ACORNS 2024 MONEY MATTERS CUSTOMER SURVEY METHODOLOGY
This research complements the Acorns 2024 Money Matters Market Survey that was conducted by Opinium in February 2024. This research was conducted by Acorns among 1,965 Acorns customers from March 20 - 26th, 2024.

About Acorns
Acorns is how everyday consumers save & invest for the long term. A leader in consumer finance, serving over 6 million subscribers, we've grown into a global company across five countries with three distinct products: Acorns, a leading saving and investing app; GoHenry, a leader in money management and financial education for kids in the US and UK; and Pixpay, a leading European money manager for teens. With Acorns, customers have access to automated investing in diversified portfolios, an easy to use retirement product, a bank account that helps people save and invest, earn bonus investments from 15k+ brands, and more. Within the same app and platform, parents can easily invest in their kids and access financial education tools to support growth at every life stage. We know that from acorns, mighty oaks do grow!

Investment advisory services offered by Acorns Advisers, LLC ("Acorns"), an SEC-registered investment advisor. Brokerage services are provided to clients of Acorns by Acorns Securities, LLC, an SEC-registered broker-dealer and member FINRA/SIPC. Acorns is not a bank. Banking services issued by Lincoln Savings Bank or nbkc bank, members FDIC. For more information, visit www.acorns.com.

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