PROVIDENCE – When it comes to saving, young adults aren’t putting their money where their mouths are.
A new study from Fidelity Investments Inc. showed that while two-thirds of adults ages 18-44 want to increase their savings, just as many aren’t doing it. More than half, 59%, don’t even want to check their bank account balance, according to the 2022 Money Mindset Study.
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The study, which seeks to understand younger adults’ thinking around spending and saving, highlighted the disconnect between desire to save and the hesitance to make lifestyle changes necessary to increase savings. While 3 in 4 said they believe they would have to cut back on discretionary spending to save more, an even higher percentage, 83%, said spending money on things that brought them joy was important. Six in 10 also said they spent more than intended due to “FOMO,” or fear of missing out.
In conjunction with the results of its survey, Fidelity also announced the launch of a new mobile app aimed at helping people learn better financial habits. Fidelity Bloom uses behavioral science to reward users for “smart money moves” and teaches them to save and spend money more mindfully.
The study reflects results from an online survey of 2,010 adults ages 18 and older, with a focus on the 1,008 survey takers ages 18-44.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
