Fintech Insights

Insights report: Technology tools enhance financial wellness

Maria Schuld | Division Executive, Americas Banking Solutions at FIS and Brian Fey | Senior Director, Business unit Manager, Retail Digital Banking

August 16, 2022

In a March 2022 survey, Morning Consult found that only 23% of US adults could handle a major, unexpected expense. At a time when Americans are worried about rising prices for everything from cars to gas to groceries in today’s inflationary environment, lower-income individuals who earn less than $50,000 annually feel this financial anxiety most deeply. Yet even people in higher income brackets are worried; just 47% of those earning $100,000 or more believe they could handle such an expense, according to the market research firm.

Financial wellness is often conflated with financial inclusion. These informative tools can play an important role in helping lower-income customers, but everyone needs a trusted advisor to meet their financial goals, whether that’s saving for retirement, eliminating debt or creating an emergency fund.

Americans may be struggling, but they trust their banks, according to Morning Consult. It recommends financial institutions acknowledge financial stress, demonstrate empathy and provide “actionable guidance” for their customers.

“Banking relationships have become digital relationships,” says Maria Schuld, division executive, Americas Banking Solutions at FIS.

Download the full report