Americans remain divided on economic outlook, reveals Logica’s Future of Money Study

Half feel the economy is worsening, reshaping financial strategies such as purchases, work, investing and more

Despite rising consumer spending and job growth, nearly half of Americans (49%) believe the economy is worsening, according to the latest wave of Logica’s Future of Money Study. The remainder are neutral on economic outlook with a small percentage (18%) feeling positive about the future. These mixed perceptions are driving significant changes in how people save, invest, spend and work—creating both challenges and opportunities for financial services companies. The highlight report, available today, covers key topics from the full study.

Now in its 17th edition, the Future of Money Study provides a deep dive into how economic uncertainty is shaping consumer behaviors, uncovering key trends such as the growing reliance on mobile payments, shifting attitudes toward investments, and the increasing importance of workplace financial benefits.

“Americans are balancing economic concerns with a cautious sense of optimism when it comes to their financial lives and behaviors,” said Lilah Raynor, founder of Logica Research. “Our study offers a valuable lens into their evolving needs, giving financial institutions actionable insights to better serve their customers during uncertain times.”

Some of the key findings shared in the highlights report of the study include:

• Diverging financial strategies:
  • Among those who feel the economy is worsening, 44% are seeking additional income, 37% are changing shopping habits, and 37% are delaying major purchases.
  • Optimistic respondents are more confident, with 31% increasing debit card usage and 27% using credit cards more actively.

     

• Mobile payments on the rise:
  • Over half (52%) of Americans use mobile devices for in-person payments, led by Gen Z (69%) and Millennials (65%).

     

• Workplace benefits matter:
  • 82% of employed Americans value financial programs like retirement planning and investment guidance, with younger generations driving increased contributions to 401(k) accounts.

The Logica Future of Money Study findings emphasize the need for tailored solutions. Financial services companies can leverage technology to create mobile payment and credit-building tools for younger consumers, provide financial education and personalized strategies to build resilience, and partner with employers to enhance workplace financial wellness programs. 

You can access the highlight report here: https://info.logicaresearch.com/future-of-money-preview-2024

For full study data the Logica Future of Money Insights Kit information is available here: https://logicaresearch.com/the-future-of-money-study-insights-kit-from-logica/