MX Technologies, Inc., a provider of actionable intelligence for consumers and the financial providers that serve them, shares its latest survey of U.S. consumers, which reveals consumers are “overwhelmed by their finances and looking for more comprehensive resources to meet their needs.”
Nearly half (44%) of consumers agree they “struggle to make ends meet, and more than thirty percent (31%) agree their financial providers do not do enough to support their needs.”
As a result, a growing number of consumers are practicing financial avoidance — nearly “1 in 4 consumers say they avoid checking their finances if possible.”
The survey reveals consumers are “consolidating the number of finance-related apps they use.”
In less than six months, the percentage of consumers who “have 3 or more finance-related mobile apps on their phone has dropped 7 points to just 40%.”
Jane Barratt, Chief Advocacy Officer and Head of Public Policy, MX said:
“Consumers are no longer satisfied with a hodgepodge of finance-related apps and disjointed money experiences. But simply avoiding their finances is not the best alternative. Financial providers have an obligation and opportunity to help consumers achieve financial strength and lessen the stress of managing money.”
Other findings from the study include:
Winning customers means delivering on financial wellness priorities. For the past 3 years, MX has asked U.S. consumers “what financial wellness features they most want from their financial provider.”
This year’s results show consumers no longer have a clear top “must-have” feature. Instead, they want everything.
The top 3 most wanted financial wellness features are:
- Ability to see all of their accounts from various financial providers in one place
- Proactive reminders to pay bills, save money, etc
- Automatic savings options, such as rounding up to the nearest dollar on purchases and depositing in savings
Data sharing could be the key to “creating better experiences.”
Consumers are ready to share more data if it “will deliver better experiences for them”.
Fifty-five percent (55%) agree they “would give their financial provider access to more of their data if they knew it would result in a better experience.”
Consumers want more “control and visibility” into their finances.
Of those who use manual processes to track their finances, the majority say it is easier for them “to understand (65%) and gives them better control over their finances (57%).”
In addition to manually tracking and managing their finances, “65% of consumers also prefer to manually pay their bills each month.”
Artificial intelligence is not yet taking hold for consumers.
Today, the clear majority (74%) of consumers say they “are not using AI to help with their finances.”
However, younger generations are more likely to use AI in order to “support their finances — 27% of Gen Z and 37% of Millennials say yes, compared to just 2% of Baby Boomers.”
Consumers are optimistic about “reaching their financial goals.”
Seventy-five percent (75%) of consumers are “optimistic about achieving their top financial goal for 2025, and 34% say their financial situation is better than it was 6 months ago. ”
As covered, MX Technologies, Inc. is a key player focused on actionable intelligence, “enabling financial providers and consumers to do more with financial data.”
MX provides end-to-end solutions for financial institutions and fintechs to connect to, “understand, and act on customers’ financial data.”
This survey of 1,025 American adults was “conducted by MX in Q4 2024 using an online survey platform.”
Results included an even split in responses “across each generation, as well as gender (male and female) and White and non-White (Asian, Black, Hispanic, or Other) respondents.”
