Despite signs of slowing inflation, 62% of American workers say they feel anxious about their current financial situation, according to new Harris Poll research commissioned by BPC’s Funding our Future Coalition and DailyPay.
The study was conducted among more than 1,300 employees and also showed that this anxiety is higher among women (69%).
According to the research, advances in financial technology (fintech) products could help American workers during these uncertain times, as the vast majority of working Americans would find various fintech solutions useful for managing their personal finances.
As Americans feel overwhelmed and insecure about their financial health, fintech companies, which are those that apply technology to financial and investment activities, are introducing products and services designed to fuel productive savings habits at record rates. .
The data indicates that almost 40% of consumers today are turning to fintech companies as their most trusted financial services brand, more than banks (33%) and wealth management companies (12%).
For 82% of respondents, an app that gives them the ability to do all their banking needs in one place would be helpful.
69% say an app that allows them to access their wages as they are earned (instead of waiting for a scheduled payday) would be helpful, including 77% of working Americans with an annual household income of less than $50,000 and 81% of American workers under the age of 45.
79% say an app that provides free financial advice and guidance would be helpful.
78% say an app that lets them set up an emergency savings account and automatically divert a portion of each paycheck to that account would be helpful, a sentiment shared among working Americans of all household income levels, starting below $50,000 and earning more than $100,000.
“As Americans feel overwhelmingly insecure about their financial future, fintech companies are bringing products to market designed to fuel productive saving habits,” said Rachel Snyderman, senior associate director for Economic Policy at the Bipartisan Policy Center. “In fact, with today’s tight job market, these products have become an important new benefit for employers to recruit workers.”
The right fintech products support and reinforce financial equity for American workers, the study says.
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