What are today’s well-being concerns impacting consumers? Among some of the usual, such as everyday spending and budgeting, consumers seem to be thinking about mounting inflation and access to financial education and resources.
Affinity Federal Credit Union recently released findings from the debut installment of its Wellbeing and Your Wallet Index. The index captures consumer sentiment around their overall financial well-being, and results from a 42-question survey completed by 3,001 individuals in New Jersey, New York, Connecticut and Pennsylvania.
Key findings include:
- 49% were optimistic about their financial futures, with Generation Z reporting the highest levels of optimism (59%);
- 54% felt confident in their ability to handle the cost of an emergency situation, with older generations statistically more confident in their ability to handle such situations (78% of the silent generation and 61% of baby boomers). Conversely, only 42% of Generation Z respondents felt confident in their ability to handle an emergency situation;
- 51% of respondents felt finances are a significant source of stress, with millennials (64%) and Gen Z (61%) respondents reporting financial stress at a higher rate.
- Consumers show heightened interest in financial education, but access remains limited. 42% percent of respondents were not aware of financial education services or content available through their primary financial institution. Over two-thirds of respondents (69%) were interested in learning more about key financial education topics, including retirement planning (32%), financial coaching (25%) and budgeting assistance (24%).
“We are encouraged by the results of the winter Wellbeing and Your Wallet Index, showing increased consumer confidence in their financial futures,” Jacqui Kearns, chief brand and well-being officer of Affinity, said. “However, we see financial concerns, including inflation and food security, continue to drive stress among younger people and negatively impact their financial well-being. Our goal is to identify these stressors and provide education, support and services that would positively impact the communities we serve.”
Grant Gallagher, head of financial well-being at Affinity, added: “It’s clear that there is still a need for more education around finance to ensure consumers are equipped with the knowledge and resources to achieve peace of mind. We are committed to helping our members take control of their futures and guiding them on how to make smart decisions with their money.”
For more information on the survey and to view an infographic of the full survey results, click here.