According to KeyBank's annual Financial
Mobility Survey, Americans are prioritizing happiness over status
and achievement but remain concerned about the financial year
ahead
CLEVELAND, Jan. 22,
2024 /PRNewswire/ -- The KeyBank 2024 Financial
Mobility Survey, released today, finds that a resounding 66% of
Americans would rather work a job they love with a lower paying
salary than work a job they hate with a higher paying salary (34%).
Simultaneously, a quarter of Americans say they're spending more
and saving less, up from years prior (15% in 2022 and 13% in 2021),
and 60% believe we are in or will soon be in a recession—pointing
to an environment in which Americans are prioritizing happiness
while bracing for economic challenges.
In fact, nearly one third (30%) of survey respondents say they
feel daily financial stress related to the cost of living in
America, and more than half (59%) are cutting back on nonessential
items due to the increasing cost of living. To add, more people
would rather share their recent Google search history (57%) than
their monthly credit card statement (43%). Still, when asked what
'Thriving in America' means to them, 42% chose work life
balance.
The survey polled more than 1,000 Americans on their financial,
life and work-related priorities and outlook after a year of market
volatility and uncertainty. To learn more about the survey's
findings, review the KeyBank 2024 Financial Mobility Survey
Executive Summary here.
"We all want to feel fulfilled, and our survey shows that
Americans are prioritizing their happiness and personal life over
money—but facing inflation, societal shifts and economic
uncertainty, many remain concerned about their financial futures,"
said Daniel Brown, EVP &
Director, Consumer Product Management at KeyBank. "As the everyday
cost of living increases, many of us will have to make critical
lifestyle and financial decisions in the year ahead for not only
ourselves, but also our households—balancing our lives outside of
work with our financial needs and habits for the long term."
As Americans focus on their personal well-being, many are in
favor of a "soft-life culture" that defines success based on
happiness, contentment, and fulfillment vs. "hustle culture," which
defines success based on wealth, status, and achievement (36% and
28% respectively). Yet, 56% of Gen Z respondents say they currently
identify most with a hustle culture—highlighting a generational gap
in experiences and priorities.
Highlights include:
- Work-life balance is increasingly important. Continuing
a trend seen year over year, more Americans say they value
work-life balance (63%) over a high-paying salary (27%), compared
to 57% and 33% respectively in 2022.
- Half (51%) of Americans have pulled more money from their
savings this year than before. More than three in four (77%) of
respondents across all generations believe the cost of living in
America has gotten worse, with Boomers leading that feeling
(92%).
- Millennials and Gen Xers are more likely to anticipate a
recession in 2024. Of respondents that expect to be in a
recession in the next 12 months, more than half (57%) are
Millennials or Gen X.
- Women (35%) are more likely than men (24%) to feel financial
stress related to the cost of living in American on a daily
basis.
- Americans are making financial changes to achieve the dream
of homeownership. Of those who are in the market for a home,
the top step taken to save money for a home is to put away money in
a dedicated savings account (43%). Still, 29% of Americans do not
own a home and do not plan on purchasing one in the next 12 months.
Of those respondents, only 1 in 10 indicate that home ownership is
very attainable.
As Americans increasingly aim to strike a balance between
professional success, personal fulfillment, and overall financial
well-being, KeyBank is here to support them on their journeys.
Consumers can access online resources designed to enhance financial
confidence and savvy, from the Financial Wellness
Center's Banking 101 curriculum, to the option to
schedule a Financial Wellness Review to better understand your
financial situation and chart the best path forward.
Methodology
This survey was conducted online by Schmidt Market Research.
1,000 Americans, ages 18-70, with sole or shared responsibility for
household financial decisions, who own a checking or savings
account, completed the survey in September
2023. The survey asked respondents about their financial
attitudes, understanding, awareness and actions over the prior
year.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back nearly 200 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $188 billion
at December 31, 2023.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the
name KeyBank National Association through a network of
approximately 1,000 branches and approximately 1,200 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications and derivatives to middle
market companies in selected industries throughout the United
States under the KeyBanc Capital Markets trade name.
For more information,
visit https://www.key.com/. KeyBank is Member
FDIC.
CFMA #240108-2393028
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SOURCE KeyBank
