February 19, 2019

Financial Tools People Want: See What Peers are Saving and Investing

Our Future of Money Study uncovers what tools Americans really want when it comes to saving and investing.

There are numerous tools that Americans want to help them save and invest, like easily linked savings and investing and checking accounts, automatically scheduled deposits into savings and investing accounts, push notifications on how they are doing against goals, and computer or human generated advice.

In 2018 we found that just about a third (31%) of U.S. Adults, and half of Millennials (47%) want to know what their peers are saving and investing.  One in ten (10%) rank the ability to see what peers are saving and investing as number one in usefulness compared to other tools assessed.

people want to see what others are saving and investing

But will people share financial information?  Yes.  Over half (59%) of Americans we surveyed say they would be willing to provide their own saving and investing information in order to view other people’s information.  Millennials and Gen X are most willing to share their information, while Boomers are the least willing.

What They Want to See

When it comes to what kind of information they want to see, U.S. Adults want to see both specific information from individuals they know (55%) and information from groups of similar peers (42%).

One can imagine an Amazon-like or Instagram-like experience (and data sharing) that allows people to share their financial information and rate and compare themselves on how they are doing against others.  Ultimately, this type of tool—if done well--could support more, and wiser, saving and investing decisions across the board.

Willing to Give a Little to Get Info

The Logica Future of Money insights show that U.S. adults are eager for tools to help them save and invest.  Americans are even willing to share financial data about themselves if it brings a benefit to them.

How can you help people get the tools they need?

engage@logicaresearch.com

 

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