When it comes to saving and investing, digital money management tools are key
Lots of Americans want help and tools for managing their money. Millennials are especially interested in tools and assistance that can help them reach their financial goals, manage spending, make good saving and investing decisions and see how they are doing relative to their peers.
Current wealth building mindset and behaviors
While there is a desire for tools to assist in savings and investing, what do current wealth building behaviors look like? Over three quarters (78%) of Americans report that they are setting aside money for saving or investing, with the plurality saying they are saving (43%) or both saving and investing (27%) vs. 8% who say they are investing only.
When it comes to larger sums of money, say $5,000, Americans would primarily put it in a savings (46%) or investment account (35%), with Boomers more bullish on investment accounts (45%), revealing an opportunity to educate younger generations on the advantages of investing.
The Takeaway: Americans are embracing financial technology
When building wealth, Americans need help making their money work for them.
- 67% of Americans would use linked accounts to streamline spending, saving, and investing
- 46% of Americans and 61% of Millennials want push notifications to guide daily financial decisions.
- Americans are more likely to say they would save an extra $5k rather than invest it (46% vs. 35%)
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