radial gradient

< Back to Blog

What Financial Wellness Means for Consumers

May 10, 2023 | 0 min read


Financial wellness can mean different things to different people. But, according to our latest MX survey of 1,000+ U.S. consumers, it boils down to one essential thing — being able to live without worrying about money. However, the last few years — from the COVID-19 pandemic to rising interest rates to the recent collapse of several financial institutions — have brought a whirlwind of challenges that threaten their financial security. Here’s a few key stats that show how consumers feel today: 

Somewhat Optimistic for the Future: Forty-four percent agree they feel confident their financial situation is better than 12 months ago. This is even higher among younger generations (Gen Z: 56%, Millennials: 51%), and those who identify as Asian, Black, Hispanic, or other (50% compared to 39% of those who identify as White). 

Covering Costs: When asked what statement best describes their current financial situation, nearly one-third of consumers say they are confident in their ability to cover any expenses, with Baby Boomers (41%) and Millennials (34%) most confident. That said, 26% of respondents said they are worried about how they would cover unexpected expenses and 13% say they do not always have enough to pay for everyday necessities. 

Money Worries: Forty-eight percent of respondents say money is a source of stress for them and thinking about money makes them anxious (47%). Additionally, 76% of respondents agree they are worried about rising costs due to inflation. And, in the face of a potential recession, consumers are taking steps to prepare:  

  • 40% of consumers agree they are depositing less money into savings or investment accounts in the face of a potential recession. 
  • At the same time, 45% say they are not currently contributing to a 401(k) account. 
  • But, they are not yet moving money away from investment accounts. Only 24% agree they have moved money away from investment accounts due to market fluctuations.
  • 41% of consumers agree they are carrying a balance month-to-month on their credit cards. This is highest among Millennials (44%) and Gen X (48%).
  • 65% agree they have cut items from their budget to save money. This is highest among Gen X at 72%.

2023 Financial Goals: When asked about their top financial goals for the year, 42% of respondents are saving for a large purchase or retirement and 21% are paying off debt. 

Check out the full research report below for more. 

What is Financial Wellness? It’s Not Today’s Consumer Money Experience


Financial Wellness


Money Experience

Related Blog Posts

Consumer Expectations for a Better Money Experience

May 25, 2023 | 1 min read

Consumers are looking to financial providers for help improving their financial health. Our research reveals what matters most.

What’s App-ening? Mobile Money Experiences

May 23, 2023 | 1 min read

Consumers are moving to mobile apps to manage more financial tasks. Our research showed the most important aspects to them.

Will Younger Generations Turn to Loans and Credit Cards Less Often?

May 19, 2023 | 1 min read

Consumers are treating debt differently and financial service providers should keep these emerging trends in mind.

Sign up to receive the latest news, announcements, and event info from MX.

envelope with airplane