How Consumers Feel About Finances in 2024

Between high interest rates, bank failures, and a possible recession, 2023 took a toll on consumers’ financial lives. Thirty-eight percent of consumers said their financial situation is worse than it was 12 months ago in MX’s latest survey of 1,000+ U.S. adults. Despite these challenges and concerns, consumers have remained resilient.

Last year, our research showed consumers were focused on how much they could put toward debt and savings. 

Now, consumers are focused on how much they are spending and how to spend less. This is reflected in their financial goals for 2024:

Many consumers are also adjusting their financial behavior in the face of a potential recession:

• 43% carry a balance month-to-month on their credit cards
• 47% are depositing less money into their savings or investment
• 67% have cut items from their budget to save money
• 26% have moved money away from investment accounts
• 53% are not currently contributing to a 401(k) account

There is clear opportunity to help consumers better manage their money and build financial strength this year. Financial institutions and fintechs should focus on delivering personalized money experiences that connect customers to their data in ways that are actionable.