‘Big Banking Chat’ Highlights New Data on Consumers’ Attitudes Towards Banking and the Biggest Financial Concerns across Europe and the U.S.
N26, the mobile banking platform that is changing the way American consumers bank, announced survey results from its larger “Big Banking Chat” global initiative that reveal surprising findings on consumers’ current attitudes towards banking, their biggest financial concerns, and insights into people’s overall understanding and sentiment toward managing their finances. The survey, which captured data from over 10,000 adults across Europe and the U.S., also highlights important topics including long-term savings goals, the shift in consumers’ spending habits, and how people’s financial lives are being impacted by the Coronavirus pandemic.
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The Big Banking Chat initiative, aims to engage people in one of the world’s biggest online banking discussions. It will explore how financial trends uniquely differ across the globe, but also the universal worry people are feeling right now as their financial lives have become significantly impacted by the pandemic. The global survey found that money concerns have become one of the biggest worries for people after health and in the U.S. specifically, almost 75% of Americans negatively describe their feelings towards their finances.
Additional key takeaways from the survey include:
GLOBAL AND U.S. SPENDING AND SAVING HABITS
How have spending habits changed recently? Since the onset of the Coronavirus, spending of disposable income has changed for 78% of Americans. Globally, spending of disposable income has dropped, apart from grocery shopping which has increased (63% to 65%) and subscription / streaming services which has stayed the same. The biggest decreases in spending were for meals out (48% to 12%) and outdoor entertainment (35% to 7%).
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Savings during social distancing: Americans are saving an average of almost $220 a month compared to €177 ($192) in Europe due to the introduction of social distancing and isolation measures. Globally, however, 34% of respondents indicated they haven’t saved any money during self-isolation.
Thinking long term: Over half (54%) of respondents globally have long-term savings goals, with Portugal and the U.S. having the highest percentage (63%). Americans’ leading reason for saving money long term is for retirement (49%), compared to other countries whose number one reason is a rainy day fund (36%).
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