(StatePoint) A new survey suggests that while consumers are decreasing their spending to get by in the current economy, they harbor some anxieties and are struggling to improve their approach to money management.
The inaugural “Wells Fargo Money Study” surveyed American adults and teens to uncover candid truths about their current finances, money stories, personal goals and other issues related to their attitudes toward money.
One overarching theme to the findings is that complicated emotions and money often go hand-in-hand. Americans are worried about money and for many, these concerns began at a young age. More than two-thirds of adults worry about money and over half of teens do.
What’s more, many people reported feeling embarrassed, judged and overfocused on the subject. Some even admitted that money created tension in their family and relationships. At the same time, money is a subject that most Americans attempt to avoid. Up to two-thirds are reluctant to talk about money, four out of five regard it as a private topic, and most Americans say it’s harder to talk about than religion, politics or death.
Up to one-third of all those surveyed say they have lied about their money. And among teens, half confess they have lied about how much they spend.
The good news? While money anxieties, and some not so positive habits are common, Americans remain optimistic about where their money stories are heading and believe there are solutions to helping them make improvements. Large majorities of respondents say they would value help from their bank in being more intentional and thoughtful about their spending, and in aligning their choices with their values. Most of those surveyed also see their bank as a potential source of education on financial subjects.
With nearly half of Americans seeking support in the form of ideas for improving their situation, along with ways to plan, envision and map out the future, and nearly one-fifth of Americans valuing technology solutions that simplify money management, tools like LifeSync in the Wells Fargo mobile app are meeting consumers where they are. This app allows users to create and personalize their goals and track their progress. It also offers financial snapshots, allowing users to view their account summary and FICO Score at the touch of the button, and provides market commentary, tailored insights and other content that can inspire smart decisions and a new approach to finances.
“The data tells us that Americans – no matter who they are – are uncertain about the sustainability of their financial lives. However, making small, incremental changes can help you accomplish your financial goals, and become more open and honest about your money habits,” says Michael Liersch, head of Advice and Planning for Wells Fargo.
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