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Findings from a new research series published by the Basking Ridge, N.J.-based Affinity Federal Credit Union discovered the financial health and well-being of consumers varies widely from generation to generation. Of the thousands of people surveyed, each generation had differing levels of concern about inflation, budgeting, financial education, savings and retirement.
Affinity released its Well-being and Your Wallet Index on Monday, which consisted of a 42-question survey of more than 3,000 people in New Jersey, New York, Connecticut and Pennsylvania. The survey was completed in December 2022 and its questions focused on "key financial well-being concerns impacting consumers, including addressing mounting inflation concerns on everyday spending and budgeting and access to financial education and resources."
According to the Well-being and Your Wallet Index, there's good news and not-so-good news in the survey results.
The Good News:
- 49% of those surveyed feel optimistic about their financial future;
- 61% of baby boomers feel prepared to handle a financial emergency;
- 73% of those surveyed feel confident about their ability to heat their home this winter; and
- 69% of those surveyed are interested in financial education resources.
The Not-So-Good News:
- 51% of those surveyed said finances are a significant source of stress;
- 58% of Gen Z do not feel confident about their ability to handle an emergency;
- 15% of those surveyed are worried about paying off holiday debt; and
- 29% of those surveyed are concerned about having enough money for food in the next month.
Despite ongoing economic headwinds, the survey found that optimism is high (59%) for the financial futures of Gen Z. The survey also found that only 42% of Gen Z respondents feel confident in their ability to handle a financial emergency, whereas 78% of the Silent Generation and 61% of baby boomers felt confident to handle such an emergency.
"We are encouraged by the results of the Winter Well-being and Your Wallet Index, showing increased consumer confidence in their financial futures," Affinity Chief Brand and Well-being Officer Jacqui Kearns said. "However, we see financial concerns, including inflation and food security, continue to drive stress among younger people and negatively impact their financial well-being. Our goal is to identify these stressors and provide education, support and services that would positively impact the communities we serve."
The head of financial well-being, Grant Gallagher said, "It's clear that there is still a need for more education around finance to ensure consumers are equipped with the knowledge and resources to achieve peace of mind. We are committed to helping our members take control of their futures and guiding them on how to make smart decisions with their money."
Affinity officials said they plan on continuing the Well-being and Your Wallet Index on a quarterly basis to follow consumer financial sentiment and well-being over time.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
