MoneyLion’s Personal Financial Wellness Survey Reveals Younger Generations are Turning to Social Media and Financial Influencers for Financial Advice
Results highlight 49% of Gen Zers use social media as their primary financial education resource; 3-in-4 Gen Zers and Millennials cite a digital source as their most important source of financial information; and, 50% of respondents feel comfortable taking action through apps
NEW YORK--(BUSINESS WIRE)-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, today shared findings from a recent MoneyLion Personal Financial Wellness Study1 conducted through Morning Consult. The survey, and subsequent results, are especially timely as January is considered Financial Wellness month and will bring closer attention to improving financial wellbeing, which is key to MoneyLion’s mission. The survey was broken down into several sections on personal financial wellness and found that while many Americans - especially younger generations - are largely unfamiliar with different financial products and terms, apps like MoneyLion are well-positioned to shorten the distance from education to action.
Importantly, the survey provides evidence how consumer habits, with respect to the consumption of financial content as well as product usage, are changing in the United States. MoneyLion’s unparalleled approach to financial content delivery, and access to a complete offering of financial products, is well positioned to meet these new consumer trends.
The results highlight that while roughly a quarter of Americans currently use digital/online-only banks, usage is significantly higher among younger generations. The same trend holds true for sources of financial information as younger Americans are much more likely than older Americans to go online for financial information with 3-in-4 Gen Zers and Millennials citing a digital source (such as apps or social media) as most important for receiving financial information.
In addition to Gen Z and Millennials being more comfortable with digital banks and consuming financial education and content via apps, social media and influencers, the findings show that respondents had high levels of comfort taking action based on financial information received via digital sources. Specifically, while only a quarter of Americans surveyed indicated they have received new information about managing their finances recently, more than two-thirds of those that have received such information also indicated they’ve taken action based on that information. This showcases that MoneyLion, with its extensive financial education initiatives and digitally-available product offerings, is well positioned to help educate consumers and allow them to then take action.
Additional key findings below:
Younger Americans tend to be least familiar with financial products, services and terms
- 30% of Gen Zers and 48% of Millennials are familiar with financial products such as checking accounts and mortgages.
- 30 % of Gen Zers and 36% of Millennials are familiar with financial services such as credit unions and stock brokerages.
- 25% of Gen Zers and 28% of Millennials are familiar with financial terms such as capital gains and compounding interest.
Less than 25% of Americans feel well-served in financial access
- Only 53% of respondents agreed with the statement that “I trust my bank has my best interest in mind”
- Less than half of respondents agreed with the statement that they had “someone I trust to ask for financial advice”
Only 20% of respondents indicated that they have the financial skills
- 29% of respondents actively follow a plan to build future wealth
- Only 59% of respondents acknowledged that they actively manage their wealth (such as tracking spending, budgeting and investing)
“Our survey shows that there is a real need for financial education that is delivered via digital channels and in the format that people consume media, particularly among younger generations,” said Cynthia Kleinbaum, Chief Customer Officer at MoneyLion. “It also confirms that when individuals feel informed and empowered, they are willing to take action. This is why it has been so important for us to connect content with products, so the distance between learning and taking action can be reduced. I am incredibly excited to see how the MoneyLion experience can help Americans take control of their financial lives.”
The results demonstrate why MoneyLion is delivering financial content and information to consumers in entirely new ways, including digestible, short form videos. As part of that mission, MoneyLion announced it launched MoneyLion University (“MLU”) as part of its groundbreaking financial literacy initiative aimed at filling a gap in money education across the United States. The content brings a compelling curriculum centered around real-world money education and skills to consumers nationwide, delivered digitally. Anchoring this initiative, MoneyLion partnered with NFL player and University of Pennsylvania (“UPenn”) Lecturer, Brandon Copeland who brings money tips, advice and lifestyle hacks to viewers.
MoneyLion is a one-stop destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
1 In partnership with Morning Consult, MoneyLion surveyed 4,010 nationally representative Adults over the age of 18 online from 11/10/2022 to 11/12/2022 based on gender, age, educational attainment. household income, region and race and ethnicity.
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Source: MoneyLion Inc.
Released January 25, 2023