September 12, 2018

Americans are embracing financial technology

In the Spring 2018 wave of the Logica Research Future of Money study, Americans told us that they want technology to make their lives simpler and easier.

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.

Millennials want financial tools

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.

where americans would put an extra $5K

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%)

To learn more and see a full results click here.

 

 

The Logica Future of Money Study is conducted by Logica Research, , and is designed to provide insights to organizations to help improve people’s financial lives. The study is conducted online among 1,000 U.S. General Population Adults 18 and over.  The sample is balanced on gender, income, and age. The study includes an augment sample of 200 older Gen Zers (16-19), which is not included in total. Results are not weighted.