Survey: 49% of consumers optimistic about financial futures

Basking Ridge-based Affinity Federal Credit Union is out this week with the first installment of its new Wellbeing and Your Wallet Index, which captures consumer sentiment around their overall financial wellbeing.

The debut 42-question survey, characterized as the Winter 2023 Edition, was completed in December by more than 3,000 people in New Jersey, New York, Connecticut and Pennsylvania. It addressed key financial wellbeing concerns, such as mounting inflation on everyday expenses and access to financial education and resources. Affinity partnered with Drive Research for the survey.

Some of the key findings include:

• Despite headwinds, consumers’ financial optimism is high, including 49% of respondents indicating they are optimistic about their financial futures, with Generation Z reporting the highest levels of optimism at 59%.
• A majority of older generation respondents (54%) feeling confident in their ability to handle the cost of an emergency situation, with confidence growing the older the generation.
• Financial concerns continue to be stressful, especially for younger generations, with more than half (51%) of respondents feeling finances are a significant source of stress, including 64% of Millennials and 61% of Gen Z. Another notable stat: 29% of respondents reported concern about having enough money for food in the next month.
• Consumers show heightened interest in financial education, but access remains limited, including 42% of respondents saying they were not aware of financial education services or content available through their primary financial institution. More than two-thirds of respondents (69%) expressed interest in learning more about key financial topics.

In a press release announcing the survey results, Jacqui Kearns, chief brand and wellbeing officer of Affinity, said she is encouraged by the results of this first installment, which show increasing consumer confidence in their financial futures.

“However, we see financial concerns, including inflation and food security, continues to drive stress among younger people and negatively impact their financial wellbeing,” said Kearns. “Our goal is to identify these stressors and provide education, support and services that would positively impact the communities we serve.”

“It’s clear that there is still a need for more education around finance to ensure consumers are equipped with the knowledge and resources to achieve peace of mind,” said Grant Gallagher, head of financial wellbeing at Affinity. “We are committed to helping our members take control of their futures and guiding them on how to make smart decisions with their money.”

Affinity said this is the first installment of what will be a quarterly series of surveys and data releases to track changes in sentiment and financial wellbeing.

The full survey results can be found here.