ThinkNow 2024 Consumer Financial Wellness Report

Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?

To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.

1. 2024 Consumer Financial Wellness Report
American Families Approach
2024 with Cautious Optimism

2. Methodology
Survey Method
Online Survey
Regional Coverage
National
Field Timing
November 27 – December 04, 2023
Screening Criteria
Self-identifying as Asian,
African American, Hispanic or
N.H. White
18+ years
TOTAL SAMPLE: 1,500
500
Hispanics
250
African American
250
Asians
500
N.H. Whites

3. Key Findings
•Most American adults feel confident about their ability to manage their
finances.
•Respondents are nearly twice as likely to say that that their financial
situation (both personal and family) will improve compared to 2023.
•However, 2 out of 3 Americans are concerned/worried about their
financial future
•Inflation is the number one financial concern for most.
•Unexpected expenses, cost of housing and rising interest rates are top
concerns as well.
•Among those who carry debt, most say it’s difficult for them to make
payment each month.
•Family and friends are the most sought out sources of financial advice
and support.
•Most believe that financial education plays an important role in
promoting well-being.

4. Data Insights

5. 11% 13%
9%
13% 15%F
9% 9%
14%
11% 10% 8%
21%
23%
18%
20% 18%
23% 22%
26%I
22%
16%
23%
26%
26%
27%
26%
23%
34%D
27%
23%
26%
26%
31%
20%
21%
19%
20%
22%
20%
19%
17%
19%
24%
19%
22%
17%
27%A
21% 22%
14%
23%E
20% 22% 24%
19%
Total Male Female Hispanics African-
Americans
Asians N.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Much more
worried/anxious
Somwehat more
worried/anxious
The same
Somewhat less
worried/anxious
Much less
worried/anxious
Letter indicate significant difference at 95% confidence level.
Women, N.H. Whites and Gen X respondents are the most likely to say they are “much more worried/anxious”.
Asians are the most likely to feel that their finances will remain the same.
African Americans are less likely to say they’re worried/anxious about finances than N.H. Whites.
58% of respondents say they feel the same or less worried/anxious about their
finances compared to one year ago.
When it comes to your finances, how do you feel now compared to 1 year ago? Would you say that you are…
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)
Top Two Box 42% 38% 46%A 41% 44% 34% 42% 37% 41% 48%G 38%
Bottom Three Box 58%

6. Letter indicate significant difference at 95% confidence level.
Gen Z and Millennials are significantly more likely than their older cohorts to believe that their finances will improve in
2024. Men are more optimistic than women.
Whites and Asians are more likely than Blacks and Hispanics to feel that their finances will worsen in 2023.
Respondents are nearly twice as likely to say that that their financial situation (both
personal and family) will improve compared to 2023.
Thinking of your own personal and your family finances for 2024, which of the following would you say best
describes your feelings towards this upcoming year?
8%
5%
11%A 9%
12%F
9% 7%
11%H
4%
9%H 11%H
20%
18%
22%
14%
17% 21%C
22%C 15%
18%
24%GH 22%
34%
31%
37%
33%D 22%
49%CDF
36%D
23% 33%G
36%G
42%G
38%
46%B
30%
44%EF
49%EF
21%
35%E
51%IJ
45%IJ
31%
25%
Total Male Female HispanicsAfrican-
Americans
AsiansN.H. WhitesGen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Better than 2023
About the same as 2023
Worse than 2023
I don't know
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)

7. Letter indicate significant difference at 95% confidence level.
Hispanics, N.H. Whites and Millennials are the most likely to report feeling financially overwhelmed.
N.H. Whites are significantly more likely to state they’re worried about not having enough money for retirement that African
Americans
Baby Boomers are least likely to feel financially overwhelmed
However, more than half are concerned about their financial future as well as not
having enough money saved for retirement.
TOP TWO BOX:
STRONGLY AGREE / AGREE
Hispanics
African-
Americans
Asians
N.H.
Whites
Gen Z
18-25
Millennials
26-41
Gen X
42-57
Boomers
58-64
(C) (D) (E) (F) (G) (H) (I) (J)
I am concerned about my financial future 56% 57% 60% 59% 50% 66%GJ 62%G 52%
I worry about not having enough money for my
retirement
56% 49% 55% 58%D 45% 58%G 63%G 56%
Thinking about money can cause me to lose
sleep
45% 45% 44% 44% 43% 49%J 44% 38%
I feel financially overwhelmed and confused 36%D 27% 31% 37%D 36%J 45%IJ 32%J 16%
Base: (n=1,500) (n=500) (n=250) (n=250) (n=500) (n=192) (n=646) (n=468) (n=194)
59%
57%
45%
35%
How much do you agree or disagree with the following statements?

8. Letter indicate significant difference at 95% confidence level.
Men report a higher level of confidence than women.
African Americans and Baby Boomers expressed the most confidence across the demographic groups.
Gen Z was the least confident
Despite their concern about the future, close to two-thirds indicate that they
are confident in their ability to understand and manage their finances.
How confident are you in your ability to understand and manage your finances?
4% 3%
6% 4% 1%
7%D 5%D 6% 4% 3% 4%
18%
16%
19%
19%
19%
15% 18%
24%
16% 17% 17%
14%
11%
17%A
19%F
13%
22%DF
12%
19%J
15%
12% 9%
33%
35%
32%
31%
31%
38%
33%
29%
34%
35%
33%
31%
36%B
26% 28%E
36%E
18%
31%E
23%
31% 32%
37%G
Total Male Female Hispanics African-
Americans
Asians N.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Very confident
Confident
Neutral
Somewhat confident
Not confident at all
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)
Top Two Box 64% 71%B 57% 59% 66%E 56% 64% 52% 64%G 68%G 70%G

9. Letter indicate significant difference at 95% confidence level.
49%
46%
52% 52%E
49%
43%
48%
24%
50%G
59%G
55%G
Total Male Female HispanicsAfrican-
Americans
Asians N.H.
Whites
Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Asians and Gen Z are the least likely to have outstanding loans or debt.
Women are slightly more likely to have outstanding debt than men.
About half of all respondents report having outstanding loans/debt.
Do you have any outstanding loans/debts?
Yes responses
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500)(n=727)(n=758)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)(1,500)(n=727)(n=758)

10. Letter indicate significant difference at 95% confidence level.
Credit card debt is most common, followed by auto loans.
What type of loans/debts do you currently have?
Base: They have an outstanding loans/debts (n=751)
60%
40%
34%
34%
27%
Credit card debt
Auto loan
Personal loan
Mortgage
Student loan
Higher among
Millennials and Gen X
CREDIT CARD DEBT
AUTO LOAN
Especially common
among N.H. Whites
Hispanics, African-Americans
and Gen Z under-index
MORTGAGE

11. Letter indicate significant difference at 95% confidence level.
African-Americans, Gen Z and Women report the most difficulty in making their debt payments.
Boomers, Asians and Men, in general, have the least difficulty.
Making payments each month is difficult for most respondents who have debt.
Only about one-quarter say they can easily make their debt payments.
Which one of these options would you say applies to your current financial situation?
Base: They have an outstanding loans/debts (n=751)
*Caution: Small base size
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base: (751) (n=347) (n=395) (n=254) (n=133) (n=114) (n=250) (n=58*) (298) (n=291) (n=104)
3% 3% 2% 2%
5% 4% 3% 3%
1% 2%
5%H
15%
11%
19%A
11%
21%CE
8%
15%
20%J
16%J
17%J
4%
21%
19%
22%
25%
29%
23%
19%
23%
22%
24%
13%
35%
34%
36%
38%D
27%
35%
36%
39%
38% 31%
37%
26%
33%B
20%
24%
19%
30%
28%
14%
22%
25%
41%GHI
Total Male Female Hispanics African-
Americans
Asians N.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
I can easily make my debt
payments
I can make my debt
payments but it’s difficult
I’m having trouble keeping
up with my debt payments
I cannot pay my current
debts
Prefer not to answer

12. Letter indicate significant difference at 95% confidence level.
Gen Z are less concerned than their older cohorts about inflation and the economy, and more concerned about
housing costs and their ability to save.
Inflation is the number one financial concern across the board. Unexpected
expenses and the cost of housing are top concerns as well.
What would you say are your biggest financial concerns?
TOTAL MARKET
Male Female Hispanics
African-
Americans
AsiansN.H. Whites
Gen Z
18-25
Millennials
26-41
Gen X
42-57
Boomers
58-64
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Inflation/high prices 56% 60% 56% 48% 61% D 61% D 49% 55% 62%G 71% GH
Unexpected expenses 39% 47%A 43% 39% 44% 45% 39% 41% 43% 55% GHI
Cost of housing 39% 41% 42%D 33% 37% 41%D 48%J 42%J 40%J 24%
State of economy in general 37% 37% 34% 29% 37% 40%D 25% 36%G 40%G 47%GH
Savings 33% 35% 33% 34% 33% 34% 41%J 35%J 37%J 21%
Afford basic necessities 27% 37%A 30%E 25% 22% 36%DE 29% 33% 36%J 26%
Retirement savings 30% 28% 23% 23% 26% 32% CD 16% 24% 37%GH 41%GH
Interest rates 27% 22% 28%D 17% 24% 26%D 17% 27% 27% 22%
Overall level of debt 21% 21% 19% 23% 18% 22% 17% 23% 25%J 16%
Investing 21%B 11% 17% 19% 21% 15% 20% 20% 15% 12%
Lending 7% 6% 9%E 6% 4% 6% 7%J 10%IJ 5%J 1%
None of the above 5% 7% 4% 8%C 6% 5% 9% 6% 3% 5%
Base: (1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)
Average # of financial concerns 3.5 3.6 3.4 3.4 3.1 3.3 3.6 4.1 3.2 3.4 3.9
58%
44%
40%
37%
34%
32%
29%
24%
21%
17%
6%
5%

13. Letter indicate significant difference at 95% confidence level.
Blacks are the most likely to be concerned about rising interest rates.
Gen Z is the least likely to be concerned.
Most respondents are concerned about rising interest rates.
How concerned are you about high/rising interest rates?
Base: Understand somewhat/ very well on how interest rates work
5% 6% 5% 5% 6% 5% 6% 8%
3%
6% 7%
8% 8% 8% 9% 9% 9% 7%
13%H
6%
7%
9%
22% 20% 23%
26% 22%
31%F
21%
32%IJ
21%
20% 15%
30%
35%F
25%
33%D
22%
27%
31%
31%
34%J
32%
22%
35%
31%
39%
27%
41%CE
28%
35%
16%
36%G 35%G
47%G
Total Male Female Hispanics African-
Americans
AsiansN.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Very concerned
Moderately concerned
Somewhat concerned
Slightly concerned
Not concerned at all
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,086) (n=563) (n=516) (n=355) (n=180) (n=168) (n=383) (n=137) (n=414) (n=363) (n=172)
Top Two Box 65% 66% 64% 60% 63% 55% 66% 47% 70%G 67%G 69%G

14. 31%
38%B
24%
27%
30%
21%
32%C
22%
31%
29%
45%GHI
46% 46% 46%
48%
43%
48%
46%
43%
47%
48%
40%
18%
14%
22%
19%
21%
24%
18%
28%
HIJ
17%
18%
13%
5%
2%
8%
6% 6%
7%
4%
7%J 5% 5%
2%
TOTAL Male Female Hispanics African-
Americans
Asians N.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Very wellSomewhat wellNot very wellNot at all
Letter indicate significant difference at 95% confidence level.
Gen Z report the lowest familiarity with how interest rates work.
The vast majority say they understand interest rates either ‘very’
or ‘somewhat’ well.
How well do you understand how interest rates work?
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)
77% 75% 73% 69% 78% F 65% 78% G 77% G 85% G70%84% C

15. Letter indicate significant difference at 95% confidence level.
Gen Z and Millennials are significantly more likely to seek support than their older cohorts.
Over half of respondents seek support or advice when they are financially stressed.
In times of financial or money stress, do you seek support or advice?
Base: Yes responses
55% 55% 55%
59%
58%
52%
54%
64%IJ64%IJ
49%J
38%
Total Male Female HispanicsAfrican-
Americans
Asians N.H.
Whites
Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base:(787) (n=384)(n=394) (n=282)(n=133)(n=124)(n=248) (n=130)(n=340)(n=229)(n=88*)
*Caution: Small base size

16. Letter indicate significant difference at 95% confidence level.
Millennials are the most likely to discuss their finances.
Family and friends are the biggest sources of financial support/advice.
Fewer than half of respondents feel comfortable talking about their finances with others.
How comfortable are you discussing your finances with others?
15% 14%
19%
11%
14% 13% 12%
16%
19%
20% 24%
18%
18%
21%
16% 20%
21%
23%
26%
27% 28%
35% 25%
32%
22%
27%
28%
24%
22%
18%
26%
25%
27%J
27%J
23%
15%
15% 13%
17%E
10%
15%
12%
19%
13% 15%
TotalHispanicsAfrican-
Americans
Asians N.H.
Whites
Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Very comfortable
Somewhat comfortable
Neutral
Somewhat
uncomfortable
Very uncomfortable
Who do you turn to for support or advice?
Base: They seek support or advice (n=787)
Higher among females
and Gen X.
Most common among N.H.
Whites, African-Americans,
Males and Millennials.
11%
Online resources and forums
Higher among Asians
(C) (D) (E) (F) (G) (H) (I) (J)
Base:(1,500)(n=500)(n=250)(n=250)(n=500)(n=211)(n=568)(n=504)(n=217)
Top Two Box 39% 35% 35% 36% 40% 39% 46% 36% 30%
35%
Financial Advisor
55%
Family or Friends

17. Letter indicate significant difference at 95% confidence level.
In your opinion, what role does financial education play in promoting mental well-being?
3% 2% 3% 2% 3% 5%
2% 2% 2% 3% 4%
5% 5%
6%
4%
5%
7%
6% 5% 5%
6%
7%
28%
26%
30%
28%
21%
31%D
30%D
29%
24%
29%
30%
36%
39%
34%
39%
39%
34%
35% 39%
33%
39%
36%
28% 28% 27% 27%
32%E
23%
27% 25%
36%GI
23% 23%
Total Male Female Hispanics African-
Americans
Asians N.H. Whites Gen Z
18 - 25
Millennials
26 - 41
Gen X
42 - 57
Boomers
58 - 64
Very important
Important
Moderately important
Not very important
It is not very important
at all
Top Two Box 64% 67% 61% 66% 71% EF 57% 62% 64% 69% 62% 59%
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
Base (1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)
The majority believe that financial education plays an important
role in promoting well-being.

18. Appendix

19. Letter indicate significant difference at 95% confidence level.
Participant Profile
TOTAL
MARKET
Male FemaleHispanics
African-
Americans
AsiansN.H. Whites
Gen Z
18-25
Millennials
26-41
Gen X
42-57
Boomers
58-64
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
GENDER
Female 49% -- 100% 50% 47% 47% 49% 53% 46% 50% 47%
Male 50% 100% -- 49% 52% 52% 50% 45% 53% 48% 53%
Other (Net) 1% -- -- 1% 1% 1% -- 2% -- 1% --
AGE
18 to 25 18% 16% 20% 21% 20% 14% 17% 100% -- -- --
26 to 41 35% 37% 33% 39%F 38% 39% 32% -- 100% -- --
42 to 57 31% 29% 31% 30% 28% 37% 31% -- -- 100% --
58 to 64 16% 17% 16% 10% 14% 10% 20%CE -- -- -- 100%
Median age 40 40 40 37 38 40C 42CD 22 34G 50GH 61GHI
ETHNICITY
Hispanic/Latino 18% 17% 20% 100% -- -- -- 30% HIJ 18% J 15% J 10%
Black, African-American 14% 13% 15% -- 100% -- -- 14% 14% 15% 13%
Asian 6% 5% 7% -- -- 100% -- 7% 5% 7% 5%
White (Non-Hispanic) 62% 65% 59% -- -- -- 100% 49% 63% 63% 72%
REGIONS
Northeast 17% 17% 17% 14% 16% 21% 18% 11% 19% G 19% G 18%
Midwest 21% 19% 22% 10% 18% C 12% 25% CDE 16% 21% 21% 25%
South 38% 37% 40% 38% E 57% CEF 24% 36% E 49% HIJ 35% 37% 34%
West 24% 26% 21% 38% DF 9% 43% DF 21% D 24% 24% 23% 23%
Base: (1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)

20. Letter indicate significant difference at 95% confidence level.
Participant ProfileParticipant Profile
TOTAL
MARKET
Male FemaleHispanics
African-
Americans
AsiansN.H. Whites
Gen Z
18-25
Millennials
26-41
Gen X
42-57
Boomers
58-64
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
MARITAL STATUS
Single (Net) 34% 32% 35% 34% 49% CF 40% F 29% 65% HIJ 33% IJ 25% 18%
Married or living with partner (Net)53% 58%B 49% 54% D 37% 54% D 57% D 29% 61% G 57% G 59% G
Separated/divorced/widowed (Net)12% 10% 14% A 12% E 10% E 5% 13% E 3% 6% 18% GH 22% GH
Prefer not to answer 1% 1% 2% 1% 3% 1% -- 3% -- 1% 1%
EDUCATION
High School Grad or Less (Net) 27% 22% 32%A 33%EF 39%EF 12% 25%E 41%HIJ 26% 23% 22%
Some College (Net) 35% 34% 36% 40%E 38%E 22% 35%E 36% 30% 39%H 39%
College Grad or More (Net) 37% 43% 30% 26% 22% 64%CDF 39%CD 22% 43%G 38%G 37%G
EMPLOYMENT STATUS
Employed (Net) 65% 70%B 59% 68% 60% 62% 64% 59%J 77%GIJ 65%J 43%
HOUSEHOLD INCOME
Median $61.3K $85.8K $50.8K $53K $46.1K $94.1K $65K $51.6K $65.3K $61.9K $67.9K
PEOPLE IN HOUSEHOLD
Average 3.1 3.0 3.0 3.4 2.8 3.0 3.0 3.3 3.3 3.0 2.2
Children at home. 1 or more (Net)42% 44% 40% 51% 38% 37% 41% 42% 59% 39% 11%
Born outside the U.S 14% 12% 16% 40%DF 10%F 67%CDF 4% 18%J 12% 15%J 8%
Base: (1,500) (n=727) (n=758) (n=500) (n=250) (n=250) (n=500) (n=211) (n=568) (n=504) (n=217)