KeyBank survey examines consumer financial awareness

KeyBank 2023 Financial Mobility Survey findings maintain Americans are in a difficult financial position and desire to become more aware of their financial picture.

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The survey was executed online by Schmidt Market Research between Sept. 8 and Sept. 16, 2022, involving 1,018 Americans, ages 18-70, with sole or shared responsibility for household financial decisions and owning a checking or savings account.

“The last several years have taken a toll on individuals, impacting their financial and mental well-being,” KeyBank Head of Digital Banking Jamie Warder said. “With the uptick in income decline and consistency of financial faux pas has made many consumers feel less savvy about their finances this year compared to last. Yet, despite all this, Americans find themselves much more mindful about money going into 2023.”

According to the survey results, 55 percent faced financial challenges over the last year, representing an increase from the year prior, with more than double the number of respondents noting their biggest financial mistake involved budgeting issues.

Additionally, the survey findings showed 42 percent of respondents reported feeling overwhelmed or experiencing burnout. Millennials or younger reported a higher rate of burnout at 53 percent.

“After the rollercoaster of the last three years, Americans are much more aware of the financial challenges they face and are seeking ways to manage their lives better,” KeyBank Executive Vice President of Consumer Client Growth Mitch Kime said. “More people have experienced a loss of income, fewer feel financially savvy, and burnout is rising among younger respondents. Given the current economic climate, it’s no surprise that Americans want to take control of their finances.”

The analysis indicated 39 percent of Americans are spending less and budgeting more.