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:
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."