The third wave of a special weekly report snapshot of the Logica Research Future of Money Study was released today. In this segment of the Future of Money study, Logica partnered with KNow Research for qualitative interviews to expand on the quantitative data collected.
Why was the research conducted?The report provides actionable, current insights to organizations to help improve people's financial lives as they navigate the upheaval of COVID-19.
How was the research conducted?The insights in this Future of Money snapshot report are based on an online survey of 1,000 U.S. Adults 18 and over, balanced on gender, income, and generation. The report also includes an augment of 200 older Gen Zers (16-23), not included in total. Results are not weighted. This wave also included qualitative in-depth dyad interviews to gain additional insights into Americans’ current financial experiences.
What are the key findings of the research?-Half of Americans (51%) report that their banking behavior has changed since the new Coronavirus.
-One quarter (25%) are using their mobile banking app more. Americans are doing more transfers with their mobile app (21%) and more deposits (13%).
-While many Americans have been hit hard financially, some Americans (10%) are investing more right now in the stock market and more are talking to a financial advisor or planner (9%).
-We also see that the majority of Americans (75%) want help from their financial institutions.
-Ways financial institutions can help fall into three main categories:
-Impact to their wallets like payments, fees, interest (61%)
-Service and advice (45%)
Contributor's Name: Michelle Andre