Acorns, the nation’s first financial wellness system with 4.5 million investment accounts, has released its 2018 Money Matters Report™. The annual report compiles data from more than 3,400 Americans between the ages of 18-44, on a range of topics including financial confidence, investment habits, savings goals, debt management, retirement planning and more.
The 2018 Acorns Money Matters Report™ finds that Americans are prioritizing wellness. Of those polled, more than 60% are dedicating up to $100 towards their health and physical wellness each month, while nearly 50% are boosting their financial wellness by saving the same amount. Specifically, about 24% are saving between $50 to $100 monthly and 14% are saving more than $400 a month. The survey also found that of those who invested in 2018, more than 80% invested between $100 to $5,000. When short on cash, healthcare expenses are the last thing to get cut.
“Financial confidence and hope are fundamental to health and wellness and no one should have to compromise,“ said Noah Kerner, CEO of Acorns. “Imagine the impact that a financial wellness system for everyday Americans can have on our nation’s overall wellness.” A known obstacle on the path to wellness is debt. When asked about debt, one in five of those polled reported carrying over $5,000 in credit card debt. Nearly 40% reported carrying a monthly balance or not paying off his/her credit cards. So for example, if your current credit card balance is $10,000, at a 24.99% APR, you will pay up to $2,837.87 in compounded fees in one year. To give everyday Americans a smarter spending solution, Acorns introduced its debit card, Acorns Spend, which saves and invests for you and comes free of penalty fees.
Some of the other top trends revealed by the study include:
- So long, Postmates. 55% of respondents said the first thing they cut out is food delivery or dining out when trying to curb spending.
- Some numbers are more off-limits than others. 58% of respondents would rather talk about how much they weigh than how much money they have saved.
- Americans prioritize investing over caffeine. 60% of respondents invested more money than they spent on coffee last year.
- Counting chickens before they hatch is a thing. 45% of respondents plan to start investing once they get a raise, a new job, or pay off debt.
Acorns is the nation’s first financial wellness system with over 4.5 million accounts. Its easy-to-use, mobile-first technology makes it simple for anyone to set aside and invest life’s spare money. Acorns allows customers to automatically invest in a low-cost, diversified portfolio of exchange-traded funds offered by some of the world’s top asset managers (including Vanguard and BlackRock). Customers grow their wealth in one of five portfolios constructed with help from world-renowned Nobel Prize winning economist Dr. Harry Markowitz. Acorns smart portfolio algorithms automatically work in the background of life, helping users build wealth naturally, pennies at a time. From Acorns mighty oaks do grow.
Acorns is accessed simply and easily via the app for iPhone, Android or desktop.