Finance and

fintech in the US
Knowing your buyers and what they want
 04 Methodology

05 Discover our data

07 Key insights

09 The financial landscape

How many Americans are saving money?
Who saves more? How many have debts?
How many feel that they can improve their

In this
financial practices?

21 Financial literacy in the US

report
How do US consumers’ financial behaviors
stack up to other countries? Do they know what
goes into a credit score? How are they ap-
proaching retirement?

35 How banks are set up to be Methodology

trustworthy financial partners
Where do Americans get their financial advice? When reading this report, please intenet users aged 16-64, but in 12 of
How are banks helping? How much more can note that we draw on GWI USA, our 50 markets.
banks help in the future, and what methods which surveys over 20,000 inter-
should be used? net users in the US aged 16+ each Throughout this report, we refer to
quarter. We focus on GWI Zeitgeist, indexes. Indexes are used to compare
45 The future of financial management a recontact study that we carry out any given group against the average
How do Americans want to learn about finances monthly in 12 markets. (1.00), which unless otherwise stated
in the future? Who uses tracking apps? refers to the average American aged
GWI Zeitgeist is carried out 16+. For example, an index of “1.20”
55 More from GWI among GWI Core respondents means that a given group is 20%
who are then recontacted to take above the average American, and an
57 Appendix the additional Zeitgeist survey. index of “0.80” means that an audi-
Click the dots Like Core, it is carried out among ence is 20% below the average.
to navigate 58 Notes on methodology

4
 Each of the

Discover the graphs is

numbered

data on our
More information can
be found in the Appendix
section at the end of

platform
this report

Each chart from our ongo-

ing global research in this
report contains a hyper-
link that will bring you
straight to the relevant
question on our Platform,
where you can investigate
all data by demographics,
over time, and among your
own audiences.
Just click this icon
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Source Information
about the source
Base and base

6
Key
insights If they
haven’t been
Spending
tracking
confident in Customers apps are
Normal the past, this of the future on the rise
budgeting won’t change want help
Banks
and saving in the future online
can fill the
isn’t enough knowledge
right now and trust gap

A large majority of Americans think

Americans are good at the basics of
financial management. Over 90%
budget, most save, and over half pay
down debts. But they’re still losing faith
in their ability to manage money in the
face of a cost of living crisis.
While Americans know the financial
basics, retirement is a bit more of a
head-scratcher. A quarter of the popu-
lation isn’t saving, and 40% don’t have
a plan in place. It’s the leading area that
consumers want banks to help with.
banks should help with customers’
financial wellbeing, but less than half
feel supported. Banks are still a trusted
institution, and with dropping confi-
dence in their own money management
and a low awareness of financial tools
out there, banks have a golden oppor-
tunity to help them.
As younger consumers start managing
finances, they’re going to want help via
online courses and automatic financial
tools that churn out what they need to
know. Developing these two methods
for financial learning should be priority
number one for any bank that wishes
to long-term brand build.
The average US consumer is glued
to their phone, especially young
consumers. Financial tracking apps
are growing in popularity and will
only be used more as the mobile
phone continues to be the preferred
electronic device.

8
 Importance of financial security
Only 47% of
1

and skill at managing money

Americans say % of US internet users that agree with the following

they’re good
01 at managing
money
The state 57%
My future financial
security is extremely

of finances
important to me

57% 47%
My future financial I'm good at
Financial security security is extremely managing
can be a lofty goal important to me money

Financial security is extremely impor-

tant to Americans. It’s by far the most
agreed upon financial sentiment. But,
confidence in money management
is down, and now less than half of
Americans say they’re good at man-
aging money. GWI USA Q3 2022 USA: 20,060 US internet users aged 16+

Finance and fintech in the US 10

But financial stability seems to be get-
ting harder to achieve in the States.
The Covid-19 pandemic slashed jobs
and wages. Emerging from the pan-
demic, a cost of living crisis increased
rents, groceries, and gas. To add to
this, US consumers are concerned
that tax increases will make their
already thin budgets even thinner,
as fears of tax increases are up 26%
since Q2 2020.
With all this, it’s no surprise that there
is a large gap between the importance
of financial security and confidence
in money management. As their pur-
chasing power weakens, budgeting,
saving, and paying off debts become
harder. Other aspects of life still exist as
well - the urge to travel, shop, and dine
Finance and fintech in the US
out is tough to overcome, especially as
much of the world seems to be recov-
ered from the pandemic.
Confidence also drops at the lower
end of the age spectrum. 59% of baby
boomers indicate they’re good at man-
aging money. 20% say their assets &
investments are valued at over $1 mil-
lion United States Dollars (USD), and
as a generation, they’ve lived through
a few recessions and other tumultuous
economic times. On the other hand,
only 41% of Gen Z say they’re good at
managing money. The oldest of them
had hardly been in the professional
workforce before the pandemic, and
the youngest are still in high school
and likely aren’t in charge of their own
finances yet.
Budgeting
The good news: most Americans follow
a budget. Even better news: 96% of
those budgeters do pretty well at
maintaining their budget, with only a
select few indicating they always go
over budget.
This is impressive, especially with
over 7 in 10 US consumers saying
their cost of living has increased from
3 months ago. Americans have rolled
with the punches the economy has
thrown at them and adjusted their
budgets accordingly.
Budgets mostly target essential items.
Americans have been more price-
conscious about food and groceries,
12
Budgeting use 2

% of US internet users that describe their level of budgeting as the following

I I rarely
sometimes follow a
follow a budget
budget

45%
94% of Americans
follow a monthly
budget
14%
I always
follow a
budget
I never
follow a
budget
35% 6% transportation costs, and utilities will have a hard time accommo-
like gas and electric. Small actions dating this.
like buying stores’ own-label
GWI Zeitgeist October 2022 2,056 US internet users aged 16-64 brands and using alternate transpor- Impulse purchases - purchases
tation like biking and public transit that weren’t researched before
have seen increases since the buying - can also break a budget.
Budgeting compliance 3 beginning of 2022. Food & drink and clothing pur-
% of US budgeters who say they do the following chases are leading categories for
But sometimes, budgets are broken. these types of purchases among
Nearly 7 in 10 Americans say they US consumers. With everything so
I sometimes I never I always sometimes go over their budget. No expensive right now, a deal might
spend more spend more spend more singular cause is to blame here. The turn an unplanned purchase into
69% than my 27% than my 4% than my Consumer Price Index (CPI) from a fulfilled sale. Different payment
budget budget budget October 2022 shows double-digit services like buy now, pay later may
percentage increases in the cost also contribute to unplanned pur-
of food and energy, compared chases, due to their convenience and
GWI Zeitgeist October 2022 1,932 US budgeters aged 16-64 to last year. The best of budgets lower up-front payments.

Finance and fintech in the US 14

 Savings approach 4

% of US internet users that describe their savings approach as the following

I save I save the I don't

money, but amount of save
53% not as much 33% money that I 14% money
as I want to want to

Saving
Even with the cost of living stretching
budgets thin, most Americans say they
save money each month, with 33% hit-
ting their savings goals. Future savings approach 5

% of US internet users who want to do the following in the next 3 months

However, a majority of Americans wish
they saved more than they currently do.
Right now, 1 in 5 Americans say their
current savings wouldn’t even last them
a month if they were to lose their main
source of income, and about the same
would only last 1-2 months. 61% 37% 2% 0%
On the bright side, a majority of
Americans could cover basic expenses
for at least 3 months in the event of
losing their main source of income. Save more money Save the same Save less money Not save
And, over 6 in 10 Americans are want-
than I am now as I am now than I am now any money
ing to save more money in the next 3
months, including 72% of those who
say they don’t save as much as they
want to. GWI Zeitgeist October 2022 2,056 US internet users aged 16-64

Finance and fintech in the US 16


Like confidence in saving
money, age plays a major
role in our approach to
savings. Gen X and baby
boomers have had more
time and paychecks to be
able to build up savings,
but attitudinal and behav-
ioral differences are also
present. 21% of Gen Z and
millennials only save up
money when they have a
specific need; collectively
being 90% more likely to say
this than their older counter-
parts. Likewise, a majority of
Americans have a savings
account, but Gen X and
Finance and fintech in the US
baby boomers are 17% more
likely to have one.
Gen Z and millennials are
looking to improve though.
21% plan to open a new
savings account in the
next 6 months. They’re also
starting to seek out more
expert advice when it comes
to financial decisions, with
40% saying they do this.
The good news for them:
they have more options
than ever now, with apps,
trackers, and online banks
that give easy access to
in-depth analysis.
Debts
Around a third of Americans say they
don’t have debt. But even with this,
there’s still an outstanding amount of
Want more on $16.5 billion in consumer debt, aver-
US millennials? aging to an amount a little north of
Get the $96,000 per consumer.
marketer’s
guide Over half of Americans are actively
paying off their debts each month.
Nearly 7 in 10 have a credit card, so
53% of
many may be making monthly pay-
ments to pay off their cards.
Americans
18% of Gen Z and millennials are also
are actively
paying off student loans, though these
have been on a debt moratorium
paying off
since the beginning of the pandemic.
These have been extended, and if
debt each
Biden’s $10,000 forgiveness plan
succeeds, some may get a bigger
month
break on their loans. Still, after the
moratorium ends, those with student
loans might have to reconfigure their
budgets in order to accommodate
these payments.
2 in 3 Americans are likely to have
some debt, but how they’re address-
ing that can depend on income level.
Almost 1 in 5 low income households
have too much debt to pay off in full on
a monthly basis. On the other hand, the
highest earners hardly have unman-
ageable debt - in fact, over 4 in 10 don’t
have any debt at all.
Obviously, with more income means
more money to pay off debts, but high
earners likely have higher expenses, so
paying off debt may have attitudinal
elements as well. Those who say they are
good at managing money are also more
likely to not have any debt at all, almost
as much as the highest income group.
18
Debt level 6

% of US internet users that describe their debts as the following

I have debts that I am paying off each month

I have debts but I am not paying them off each month

I don't have any debts

All US consumers 53 15 32

Low income 49 19 32

Medium income 53 15 32

High income 57 11 32

Highest income
49 9 42
(subset of high)

I'm good at
52 9 39
managing money

GWI Zeitgeist October 2022 2,056 US internet users aged 16-64

Finance and fintech in the US 20

02
Improving
financial
wellbeing Financial wellbeing
and education
In 2022, 40 states and territories in
the US addressed financial literacy in
their individual legislatures, calling it
opportunities
an area of great need, and a basis for
financial wellbeing.
Americans are behind the rest of the
world when it comes to financial well-
being. 18% are considered advanced,
while half are at only a novice level of
financial understanding.
Financial literacy and wellbeing is
more important now than ever
before. The cost of living and loom-
ing recession is squeezing budgets
and disposable income is shrinking.
But, coming out of the pandemic,
consumers are still releasing pent-up
feelings through shopping. Newer,
unfamiliar and unregulated forms
of credits like buy now, pay later
Finance and fintech in the US
(BNPL) help satisfy pent-up demand,
even at the expense of credit and sav-
ings goals.
Even though Americans save, budget,
and pay off debts, they’re still below par
for financial wellbeing. They don’t seem
to understand all the new financial
tools and options available to them.
Traditional banks have an opportunity
to help here. As educators, we
need to prioritize
75% of Americans think banks should personal financial
provide support for their customers’ education, so our
wellbeing, but less than half feel their students graduate
banks do that. If banks want to set financially literate
themselves apart, a good start will be and empowered
outreach to customers about finan- to make strong
cial literacy and wellbeing. Finserv and financial decisions
fintech companies can also add value
here, and partnering with banks could DAVID C. BANKS,
be a smart move for them. NYC Schools Chancellor
22
Financial literacy segmentation 7 Financial literacy segmentation definitions
% of US internet users/those in 11 markets who fall into the following financial literacy categories To fall into each category, respondents needed to select 6+ of the following

Advanced Amateur Novice

Advanced Amateur Novice

All US consumers 18 32 50 I always follow a budget I sometimes follow a budget I rarely/never follow a budget

I never spend more than my I sometimes spend more than I always spend more than
budget my budget my budget
Rest of world 26 31 43
I save the amount of money that I save money, but not as much I don’t save money (each month)
I want to (each month) as I want to (each month)
Gen Z/millennial 17 36 47 I have less than 1 month
I have 3-6+ months emergency I have 1-2 months emergency emergency savings
savings savings
In the next 3 months, I will
Gen X/baby boomer 19 30 51 In the next 3 months, I will save In the next 3 months, I will save save less than normal or will
more/the same as I am now more/the same as I am now save nothing

I don’t have any debts I have debts that I am paying I have debts but I am not paying
Low income 10 24 66 off each month them off each month
I know what a credit score is
I have heard of a credit score I don’t know what a credit
I have a financial plan for but I don’t know what it is score is
Medium income 18 33 49 retirement
I am saving for retirement, but I I don’t have a financial plan
don’t have a plan in place for retirement

High income 26 37 37
OR 4-5 of the Advanced OR 4-5 of the Amateur
statements statements

GWI Zeitgeist October 2022 2,056 US internet users & 13,522 in 11 countries aged 16-64

Finance and fintech in the US 24


Credit scores
A large majority of US
consumers know what
credit scores are, with
only 8% not being able
to define it. Compared to
other markets that have
credit scores or some-
thing similar like Australia,
Canada, Germany, and
the UK, Americans display
the highest awareness of
credit scores.
And when asked what a
credit score entails, most
correctly said that it’s
information about loans,
debts, and bills or credit
Finance and fintech in the US
cards being repaid on
time. Number of bank
accounts is not factored
into credit scores, and less
than a third of Americans
selected it, indicating a
strong understanding.
The average American
has a pretty good score -
714 on Experian, a major
credit report company. This
tracks with what we’ve seen.
Americans for the most
part are paying down debts
monthly, with some paying
them off completely each
month. And the average
Credit score knowledge 8
% of US internet users who say the following about credit scores
92% 5% 3%
Yes, I know I've heard of it, No, I don't
what it is but don't know know what it is
what it is
GWI Zeitgeist October 2022 2,056 US internet users aged 16-64
Understanding credit scores
9
% of US internet users who think a credit score is based on the following
score has improved by
27 points since 2010, indi- Information about loans/debts/bills being repaid on time
cating that consumers are 85
on the right track to finan-
cial wellbeing. Information about credit cards being repaid on time
76
Average credit scores
improve with age, and Number of credit cards someone owns
credit history is included 59
in credit scores, which is
The number of credit searches on your credit report
naturally an advantage for
57
older consumers. However,
younger gens, especially
Number of bank accounts someone has
Gen Z, are looking to other
34
payment methods besides
credit cards that could have
an effect on their credit in
the future. GWI Zeitgeist October 2022 2,056 US internet users aged 16-64
26

Our goal is to give consumers
the ability to budget their own
money and pay over time instead
of turning to expensive loans with
interest, fees, and revolving debt
NICK MOLNAR,
Co-founder of Afterpay
Finance and fintech in the US
Alternative payments
and credit
Gen Z are adopting credit cards
more, as they graduate from school
and enter the economy. They’re using
their newfound purchasing power to
shop impulsively - 80% of US Gen Z
say they have made an impulsive pur-
chase, especially for clothes.
Right now, their credit history is low
and some may not qualify for the best
cards or have high credit limits on their
existing cards. But, BNPL lets them
circumvent that. Two popular reasons
to use BNPL include avoiding paying
credit card interest and being easy to
use if one has no credit history.
BNPL is still not widespread in the
States, but its consumer-centric and
flexible approach when used respon-
sibly has led to higher usage in other
countries. Usage is growing in the US.
But, given its lack of regulation and
unfamiliarity, BNPL is a good exam-
ple of why financial education needs
to be promoted by financial services
themselves. Finance evolves everyday
and not being able to understand new
technologies will just lead to more
money management pessimism.
Americans are also experimenting with
BNPL to use for bigger purchases, like
electronic items and furniture. They
want to avoid the interest payments
and credit card debt that comes with
big purchases. Paying in installments
could be easier for consumers who
are on a tight budget, as they can
account for recurring payments,
whereas a large one-time purchase
might destroy their budgets.
Once financial institutions under- Don’t get
stand how consumers are using and ghosted
approaching new technology, they by Gen Z
can be there to help them understand Here’s how
what they’re getting into, especially to win them
younger consumers who are looking over
for a trusted financial partner.
28
 Retirement plan 10

% of non-retired US internet users who say the following best describes their financial plan for retirement

I have a plan and know

how much I need to save
18
I am saving, but don't
have a plan in place 33
35
I do not have a financial
plan for retirement
53
Retirement
34
This year, the Social Security Admini- 16% don’t know when to start saving
stration raised the official retirement for retirement, and they are the
age to 67, meaning those over 62 will most likely of our income groups to
not get full Social Security benefits if favor later ages to start saving for 40 45
they file for them before 67. The good retirement. These habits contrast with
news is that they’re not changing this high earners, who favor one’s 20s
in the future. or even before that to start saving
for retirement. 39
75% of Americans are saving for retire- 48
ment, but a majority of savers don’t Americans need guidance when it
have a plan in place. The higher the comes to planning for retirement. It’s
income, the more likely a consumer by far the most common thing that 25 22
is to have a retirement plan. However, consumers look to their banks for guid-
close to 40% of high earners don’t have ance on. It’s an obvious goal for banks 8
a plan despite saving for retirement - a
segment that should be prime for
financial institutions to step in and be
who are looking to gain more trust,
and it’s important for long-term brand
building with younger consumers.
33%
of Americans have
All non-retired Low income Medium income High income
US consumers
a trusted partner. As younger consumers start to build an employer-spon-
up their employer-sponsored retire- sored retirement plan,
Close to half of low earners don’t ment such as a 401(k), they may look to including 52% of
have a plan in place yet. Furthermore, their banks for guidance. office workers GWI Zeitgeist October 2022 1,817 non-retired US internet users aged 16-64

Finance and fintech in the US 30

Ideal retirement age 11

% of US internet users who say the following age ranges are ideal to start saving for retirement

Under 20 20-29 30-39 40-49 50-59 I don't know

19 46 16 5 5 9 18 35 19 6 6 16

Total Low income

17 51 14 5 6 7 21 51 14 6 5 3

Medium income High income

GWI Zeitgeist October 2022 2,056 US internet users aged 16-64

Finance and fintech in the US 32

Role of banks 12
% of US consumers who agree or disagree with the following statements
Disagree Neither agree or disagree Agree
Financial advice
My bank provides and the role of banks
support for my 14 41 45
financial wellbeing There seem to be infinite
financial management
apps and tools today, and
new payment systems that
empower consumers. Yet,
confidence in money man-
agement is falling. It’s the
old guard financial institu-
tions that stand to benefit
the most.
Banks have a massive
Banks should opportunity to help their
provide support for customers with money
3 22 75
customers'
financial wellbeing management, but they’re
missing the mark, as less
than half of Americans
agree that their banks help
with their financial wellbe-
ing. The problem isn’t an
GWI Zeitgeist October 2022 2,056 US internet users aged 16-64 inherent distrust. Banks/
Finance and fintech in the US
financial institutions are the
most trusted institutions in
the country, ahead of cor-
porations, the media, and
the government.
According to a JD Power
study, banks’ advice is fall-
ing short on resonating with
their customers, who are
growing frustrated with a
perceived drop in frequency
of communication, despite
a worsening economy
and tougher cost of living.
Consumers today won’t
hesitate to leave their banks
- over 20% of every gener-
ation except baby boomers
are willing to switch banks if
they think a better deal is to
be had. Banks can help cut
down that turnover rate if
they help with financial sup-
port and education.
Banks come in 3rd overall
when it comes to trust for
financial advice, behind
certified financial advi-
sors (CFAs) and family/
friends/peers. The first two
can get down to the fine
details of money manage-
ment. After all, everyone’s
finances are different, and
consumers need someone
or something to understand
the minute details of their
habits. Banks can do this
with modern tools. We’ll lay
out how they can do that.
34
03 Financial education
for the future
Financing of the For long-term brand building, banks/
financial institutions should focus
future: digital
on Gen Z and millennial consumers.
They’re more likely to trust banks in
general and their financial advice, and
and mobile
have the most questions on retirement,
budgeting, and saving.
Budgeting and spending advice are
the two areas that young consumers
want more guidance in compared to
all US consumers. These are some of
the core building blocks of financial
management, and help will be needed
as inflation is high and the cost of living
is stretching their dollars thin.
While banks have plenty of content
on money-saving tips and budgeting
advice, how they reach these younger
consumers is vital. One of the most
popular methods for receiving financial
advice across all generations is a 1:1
session with a financial advisor, which
can be a great option as it’s highly per-
sonalized and detailed, but it could also
be a drain on money and time. Younger
consumers in particular favor auto-
matic saving/investing tools and online
finance courses.
Finance and fintech in the US
Both methods save time and
money. Both Gen Z and millenni-
als grew up in an ever-improving
digital world, where financial tools
and mobile apps can break down
budgets to a tee with the right
information, and scheduling 1:1
appointments with an advisor isn’t
always necessary.
Online financial courses are an
equally popular learning option to
these younger consumers. They can
learn on their own time, whether
that’s between classes or work, or
all at once. Many Gen Z are used to
online learning due to the pandemic,
and increased enrollment in virtual
schools adds to that.
Banks would be wise to start shifting
resources to detailed and power-
ful financial tools, as well as online
courses. Financial advisors will always
be relevant due to their expertise, and
pairing them with the power of tools
and courses would really benefit the
banks/institutions that can effectively
utilize all three.
36
Financial education 13 Ideal methods of financial education 14

% of US internet users who say they want their bank to help them with the following % of US internet users that say they’d like their bank to provide financial help via the following

Total Gen Z/millennial Gen X/baby boomer Total Gen Z/millennial Gen X/baby boomer

Ways to save for 1:1 session(s) with a

51 56 48 37 39 37
retirement financial advisor

Automatic
How to budget
29 42 23 saving/investing 35 42 32
money
tools

Guidance on how to Online finance

28 36 25 35 42 32
pay off debt courses

Advice on better Webinars with

25 35 20 28 32 26
spending habits financial experts

Help on taking out A telephone hotline

22 28 20 13 16 12
loans for financial advice

GWI Zeitgeist October 2022 2,056 US internet users aged 16-64 GWI Zeitgeist October 2022 2,056 US internet users aged 16-64

Finance and fintech in the US 38

 Tracking apps & services 15

% of Americans, in the following groups, who used an app/tool to track their spending in the last month

All internet users Gen Z Millennials Gen X Baby boomers

Tracking finances?
There’s an app for that 16 15 16 15 16 16 16 17 17
24 23 23 25 26 25 26 25 26
Americans are on their mobiles more spend close to half an hour longer on
25 25 23 22 24 24 22 23 25
than ever. As of Q3 2022, the aver- their phones every day, with Gen Z and
age American spends 3 hours and millennials being the most likely to use 14 13 14 13 14 14 13 15 15
19 minutes on their phone every them. Gig-economy workers are also 7 6 6 6 6 6 6 7 6
day, rising to 4 hours among Gen Z more likely to use these apps, which
and millennials. makes sense since it means their mul-
tiple streams of income and expenses
Apps have also seen a steady growth can be easily tracked.
since Q2 2021. As of Q3 2022, there
are over 1,700,000 non-game apps in Usage of these apps are also reliant on
Apple’s App Store, and 2,000,000 in consumers’ confidence with techand
Google Play. Finance-related apps are overall mobile dependence. Close to
pretty popular here, with over 55,000 30% of mobile dependents track their
and 82,000 apps, respectively. spending every month, almost double
the number of average Americans who
With Americans trying their best to say they do this.
budget, save, and get a better over-
all understanding of their finances, Apps like Mint and Rocket Money are
they’re turning to apps to track their highly rated in the App Store and see
spending. The apps keep track of their millions of users in the US. But looking
purchases, their budgets, and let con- at the biggest finance apps in the App
sumers know of charges that might Store, big banks like Citi, Chase, and
not be obvious, such as recurring Capital One come up first. These banks
charges for subscription services like should take advantage of the popular-
Netflix and Spotify. ity of independent tracking apps and Q2 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
make these features available to their
Compared to the average American, customers, many of whom are eager
those who use a spending tracking app to use them. GWI USA Q2 2020-Q3 2022 183,337 US internet users aged 16+

Finance and fintech in the US 40

 All internet users Full-time workers Gig economy workers Low income Medium income High income All internet users Online bankers Tech confident* Mobile dependent**

16 15 16 15 16 16 16 17 17 16 15 16 15 16 16 16 17 17
24 21 19 19 20 20 19 20 22 19 17 18 17 18 18 18 18 19
25 24 24 23 24 24 24 24 25 27 27 26 25 26 26 27 27 28
15 14 15 15 16 16 16 16 16 30 31 27 28 31 31 28 32 31
17 16 15 16 16 16 17 18 18
18 16 17 16 17 17 16 17 18

Q2 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q2 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

* Tech confident defined as: confident using new technology ** Mobile dependent defined as: say they couldn’t live without their de-
and interested in three of the following: AI, coding, computers, vice, check their mobile device first thing in the morning and last thing
gadgets, science, smart homes, technology, VR at night, and intersted in technology

Finance and fintech in the US 42

Trend in action
Across all industries, it seems that
Americans have more choice than
ever, and newcomers have success-
fully disrupted many markets. Think
Airbnb for the travel industry. Ubers
and Lyfts disrupted taxi services so
much that now the brands are syn-
onymous with the ride-share industry.
With so many options available for
consumers, brands - including finan-
cial and banking brands - have stepped
up their loyalty rewards programs.
Rewards points
Loyalty programs are becoming an
increasingly bigger part in consumers’
decision-making process.
are a valuable
Since the start of Q1 2021, loyalty
points as an influencer for in-person
and online shopping has gone up 3%.
It’s a small climb, but it’s a sign of how
currency
these kinds of initiatives are faring;
consumers love to build up their points
to unlock free items and higher status,
all in exchange for their loyalty.
No industry is more impacted by
rewards points than the airline
Finance and fintech in the US
industry. For US millennials, it’s the
number one influencer when choos-
ing an airline. And now, many younger
American consumers are figuring out
how to maximize their points on sites
like thepointsguy.com. The site has
seen about 12 million views in the last
month, and it gives detailed instruc-
tions on how to maximize points, and
educates consumers about credit
cards in general. They have a large
online social media presence as well,
with 574 thousand subscribers on
TikTok, another way they’re reaching
millennials and Gen Z.
Other industries can take note of the
growing importance of loyalty points
and sites that educate consumers
on maximizing them. The loyalty
rewards market is expected to grow
12% a year until 2026, so it isn’t going
anywhere soon.
As the rising cost of living keeps eating
away at more and more of consumers’
budgets, loyalty points may be substi-
tuted for real currency for purchases.
44
04
A generational look
at financial practices

Finance and fintech in the US 46

Gen Z Banking brands used Payment services brands
Gen Z are stepping into
financial independence,
and favor Apple payments
62%
use online banking
Bankmobile
IDX

1.97
Apple Pay
IDX

1.34
daily/weekly

Bank of New York Mellon Apple Wallet

1.80
1.8 1.33

State Street Cash App

1.38 1.32

46%
use mobile payment
services (daily/weekly) Assets/investments favored
IDX
Art

1.34

Cryptocurrency

1.33

26%
use a tracking app
Options GWI USA Q3 2022

for spending 1.32 USA: 20,060 US internet users aged 16+

Finance and fintech in the US 48

Millennials Banking brands used Payment services brands
Millennials are the driving force
behind digital banking, making
frequent use of it
76%
use online banking
RBC Bank
IDX

1.78
Wise
IDX

1.49
daily/weekly

Chime Samsung Pay

1.73 1.45

Bank of New York Mellon Masterpass by Mastercard

1.69 1.36

47%
use mobile payment
services (daily/weekly) Assets/investments favored
IDX
Cryptocurrency

1.62

Options

1.54

25%
use a tracking app
Gold GWI USA Q3 2022

for spending 1.41 USA: 20,060 US internet users aged 16+

Finance and fintech in the US 50

Gen X Banking brands used Payment services brands
Gen X are somewhat traditional,
but have modern habits with
crypto investments and and high
76%
use online banking
HSBC
IDX

1.2
Amazon Pay
IDX

1.09
levels of online banking usage daily/weekly

Capital One Google Pay

1.16 1.08

Citibank Paypal

1.14 1.07

47%
use mobile payment
services (daily/weekly) Assets/investments favored
IDX
Employer-sponsored retirement plan (401k)

1.35

Cryptocurrency

1.03

25%
use a tracking app
Stocks/shares GWI USA Q3 2022

for spending 1.01 USA: 20,060 US internet users aged 16+

Finance and fintech in the US 52

Baby Banking brands used Payment services brands

boomers 61%
use online banking
Barclays
IDX

1.63
Paypal
IDX

1.09
Baby boomers are traditional daily/weekly
as they get. They favor legacy
banks, avoid mobile payment Citibank Zelle

services, and are more likely 1.63 1.03

to have pension funds
Local banks Venmo

1.41 0.8
0.80

9%
use mobile payment
services (daily/weekly) Assets/investments favored
IDX
Annuities

2.05

Pension fund

1.94

6%
use a tracking app
Index or mutual funds GWI USA Q3 2022

for spending 1.66 USA: 20,060 US internet users aged 16+

Finance and fintech in the US 54

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audience?
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Find out more

Appendix
1 Which of these statements 9 Which of these do you think
do you agree with? a credit score is based on?
2 Which of these describes 10 Which of these best
your monthly spending? describes your financial plan
for retirement?
3 When you are following a
budget, which of these best 11 What is the ideal age range
describes you? to start saving for your
retirement?
4 Which of these describes
your current approach to 12 To what extent do you agree
saving each month? or disagree with the follow-
ing statements?
5 Looking ahead over the next
3 months, which of these do 13 What, if anything, would you
you want to do? like your bank to provide
help with?
6 Which of these describes
any debts you may have? 14 How would you like your
bank to provide help with
7 Financial Literacy Expertise your finances?
- Segmentation
15 Which of these tracking
8 Do you know what a credit apps/tools have you used
score is? in the last month?
Notes on
methodology
GWI USA
Figures in this report are
drawn from GWI USA, GWI’s
online research among
internet users aged 16+ in
the US. Because we con-
duct our research online, we
represent the internet-using
part of the US population
only. According to our own
projections, 90% of the US
population aged 16+ are
internet users.
Sample size
This report mainly draws
i n s i g ht s f ro m GWI
Zeitgeist’s October 2022
wave of research, with a US
sample of 2,056 respond-
ents. It also relies on GWI
USA’s Q3 2022 wave of
research, with a sample of
20,060 respondents.
Representation
and quotas
Each year, GWI interviews
over 80,000 internet users
aged 16+ in the US (or
20,000 per quarter) via
an online questionnaire for
our GWI USA dataset. This
is representative of an esti-
mated 240 million internet
users in the US aged 16+.
To ensure our sample accu-
rately reflects the make-up
of the US internet popula-
tion aged 16+, we set quotas
on age, gender, race/ethnic-
ity, income, and regional
location. These quotas are
calculated using a number
of demographic research
sources, including the US
Census Bureau and Pew
Research Centre. During
each wave of research,
responses are weighted
based on the age, gender,
race/ethnicity and income
of the respondent.
Language
and cultural
indicators
Separate from asking about
racial identity, we also ask
about Hispanic identity. Any
respondent is able to iden-
tify as Hispanic, regardless
of their answer to the racial
identity question. Within the
Hispanic group, we moni-
tor language preferences to
ensure we achieve a good
balance of those identify-
ing as Spanish-dominant
vs English-dominant. We
interview a minimum of
2,500 Hispanic respondents
each quarter. Multicultural
questions are shown only
to Hispanic, Black/African
American and Asian
American respondents.
All respondents choose
whether they want to com-
plete the survey in Spanish
or English.
Mobile
GWI USA has been
designed so that all ques-
tions are mobile-friendly.
Respondents are therefore
able to complete the survey
via mobile, tablet, PC/desk-
top or laptop/notebook.
This means respondents
take the same version of
GWI USA regardless of the
device they are using.
58
Get in
touch

TYLER ASHE CHASE BUCKLE

SENIOR TRENDS ANALYST VP OF TRENDS
tashe@gwi.com chase@gwi.com

60
© GWI 2022