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August 23, 2022 | 0 min read
Half of respondents say they are saving less money today; 32% say the amount of debt they owe has increased
LEHI, Utah – August 23, 2022 – MX, a leader in Open Finance, today released a new report on money habits and behaviors among Gen Z and other generations. Findings show that consumers are less confident in their financial futures due to rising costs — with 50% of respondents saying that thinking about money makes them anxious and 47% agreeing that money is their primary source of stress. Across generations, Gen Z may be most optimistic in the face of these economic challenges, while the majority of Baby Boomers are less confident.
“With so many people worried about their financial futures, it’s an opportune time for financial institutions and fintechs to step up and assist in ways that only they can,” said Shayli Lones, Vice President of Go to Market at MX. “We see Open Finance as the key driver to connecting the dots for consumers by enabling seamless account aggregation and a more complete picture of a consumer’s finances so that they can better reach their financial goals. MX can help financial providers deliver the seamless connectivity and enhanced data that consumers need to become financially strong.”
Key findings from the report include:
The full report gives detailed insights into financial stress, spending and saving habits, and how consumers leverage mobile banking apps. It also shows a growing opportunity to build trust through the right proactive support, safeguarding personal data, and providing context to transaction data.
To access the full report, please visit:
MX, a leader in Open Finance, helps organizations everywhere connect to the world's financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry's most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more follow us on Twitter and LinkedIn @MX or visit www.mx.com.
About the Survey
This survey of 1,000 American adults was conducted by MX in June 2022. Results included responses across each generation, with 25% of respondents identifying as Baby Boomers, 21% as Gen X, 21% as Millennials, and 33% as Gen Z. The respondents were evenly split between male (49%) and female (51%).
consumer financial research
financial habits of consumers