Nearly one in three Americans are not checking their bank balances due to anxiety, according to a recent survey by U.S. Bank. The survey, conducted in partnership with Morning Consult, involved over 3,000 adults and revealed that younger generations, particularly Gen Z, experience significant financial stress. Almost half of Gen Z respondents admitted to avoiding checking their accounts entirely.
The survey also found that nearly three-quarters of millennials reported high or moderate anxiety over their finances. Additionally, one in four adults said they would need $10,000 in savings to alleviate financial stress. Derik Farrar, head of everyday banking at U.S. Bank, explained that rising costs, economic uncertainty, and major life changes contribute to this anxiety.
The Bank of America Better Money Habits® survey corroborates these findings, highlighting that 42% of Gen Z live paycheck-to-paycheck. Despite these challenges, 66% of Gen Z are saving, up from 60% in 2024. The survey emphasizes that Gen Z is taking steps to manage costs, such as cutting back on dining out and picking up side hustles.
Meanwhile, a U.S. News survey found that nearly one-third of Americans regularly avoid checking their bank balances due to stress. The survey of 1,200 adults showed that many respondents are anxious about their financial status, with some reporting frequent overdrafts.
Both U.S. Bank and Bank of America are offering resources to help clients manage their finances better. These include financial education tools and personalized advice to empower clients and enhance their financial confidence.
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