DEFINING FINANCIAL HAPPINESS
FOR 2,034 SURVEYED AMERICANS | DATA AS OF AUGUST 2023
SOURCE: Empower
In a 2023 survey conducted by financial services firm Empower, respondents were asked to define financial happiness. For 67% of them, it’s paying bills on time and in full, whereas 65% said being debt free. On the other hand, just 20% cited having nice things means financial happiness and 17% said reaching a certain net worth.
STRATEGIC INSIGHTS
- A full 87% of survey respondents said not having to rely on anyone else financially was among the most important factors for financial happiness. The same percentage reported it’s the ability to withstand unexpected financial needs. Just 51% said it’s the ability to enjoy the finer things in life.
- How Americans stand financially has been a difficult point to nail down over the years. Nearly half of participants in a recent Bank of America survey said they were living paycheck to paycheck. However, only 29% reported they spend more than 90% of their income on necessities. Perceived or reality, how Americans feel matters a whole lot for their wellbeing.
How Are Members Feeling? Stressed and a bit pessimistic. Read how credit unions are leaning into their values and fine-tuning outreach strategies to meet the emotional and financial needs of worried members in “Americans Are Anxious. How Do Credit Unions Respond?” Read more today.