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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/acorns-2024-money-matters-report-reveals-growing-financial-concerns-among-americans-amidst-rising-costs-and-global-uncertainty-302140518.html
SOURCE Acorns