Stash, the investing and banking app with more than 2M customers and nearly $3B in assets under management, found that 90% of Americans want to invest, and 54% learn about personal finance from personal experience, but almost half (45%) don’t know where to start. This is just one of the stand-out findings in the recently conducted, first annual, State of Money in America survey, fielded by Prodege, a leading global market research provider. The goal of this survey is to uncover how everyday Americans understand their finances, the way money impacts their lives, and how they would approach their overall lifestyle if their finances were to change.
Thousands of Americans responded; their backgrounds closely matching the U.S. general population. Some of the key findings of the survey include:
- 70% of Americans share cautious optimism about their financial future and 38% believe next year will be better than this one – this proved consistent across race and gender
- Additionally, 51% of Americans think they are financially better off than their peers
- 38% say that the pandemic has negatively impacted their financial health
- 86% agree that financial wellness is part of overall personal wellness
- Yet 33% have skipped at least one medical appointment because of financial concerns; and 53% would eat healthier if their finances allowed for it
- 24% say that they will not achieve their financial goals this year, while 39% are on track to pay off debt, and 28% will achieve their goal of buying a car in the next 12 months
- 1 in 3 Americans think about money, stocks, and crypto more than sex
- With $10 million dollars, 29% of Americans would pay off debt; 16% would buy a new house; 14% would invest more
- Close to 10% of Americans would rather be friends with Lizzo than be a millionaire
- If they had the money, 35% of Americans want to invest in organizations that support global sustainability
Additional insights prove that Americans need a trusted partner to help them jumpstart their investing journey.
- 11% of Americans struggle with managing their personal finances and 46% are uncomfortable making investment decisions
- Yet 62% want to manage their own investment portfolio
- Fewer than half of Americans have a retirement account
- 69% of Americans have a savings account, however one-third aren’t able to save any money
- Twenty-five percent of Americans have been denied access to a financial service
Stash customers get easy access to the tools they need to get started investing and grow their wealth for the long-term. Those who use Auto-Stash, a tool for regular investing into specific stocks and ETFs or a managed portfolio, set aside more than 7x those who don’t. Customers who use the Stash Stock-Back® Card earn stock as they shop. To date, Stash has given away more than $3.9M in stock rewards1.
In honor of Financial Literacy Day on August 14th, and as part of its commitment to empowering everyday Americans to invest and build wealth, Stash is giving away $50 for any American who signs up with Stash, deposits at least $5 to their Personal Portfolio, and jumpstarts their investing journey from August 11-14, 2022.
A full report from the Stash State of Money in America survey can be found here.
The survey was conducted by Stash via partner Prodege in May 2022, surveying over 2,000 Americans who match the U.S. Census, 5% of those happened to be Stash customers.
Stash is an investing and banking app with more than 2 million customers and nearly $3B in assets under management. Stash’s plans—starting at just $3 a month—provide easy and affordable access to a suite of products including investing, banking, education, and advice. Stash members are 15% more financially literate than the average American and grow their financial literacy over time.
This content is for educational and informational purposes only. Nothing in this content should be construed as Investment, Tax, or Legal advice.
1Based on Stash internal data as of July 2022. Dollar amount only reflects the sum of all amounts deposited into customer accounts under the Stash StockBack® Rewards Program, and does not reflect market movement or performance of any kind.