NEW YORK, May 27, 2020 /PRNewswire/ -- N26, the
mobile banking platform that is changing the way American consumers
bank, today announced survey results from its larger "Big Banking
Chat" global initiative that reveal surprising findings on
consumers' current attitudes towards banking, their biggest
financial concerns, and insights into people's overall
understanding and sentiment toward managing their finances. The
survey, which captured data from over 10,000 adults across
Europe and the U.S., also
highlights important topics including long-term savings goals, the
shift in consumers' spending habits, and how people's financial
lives are being impacted by the Coronavirus pandemic.
The Big Banking Chat initiative, aims to engage people in one of
the world's biggest online banking discussions. It will explore how
financial trends uniquely differ across the globe, but also the
universal worry people are feeling right now as their financial
lives have become significantly impacted by the pandemic. The
global survey found that money concerns have become one of the
biggest worries for people after health and in the U.S.
specifically, almost 75% of Americans negatively describe their
feelings towards their finances.
Additional key takeaways from the survey include:
GLOBAL AND U.S. SPENDING AND SAVING
HABITS
How have spending habits changed recently? Since the
onset of the Coronavirus, spending of disposable income has
changed for 78% of Americans. Globally, spending of disposable
income has dropped, apart from grocery shopping which has increased
(63% to 65%) and subscription / streaming services which has stayed
the same. The biggest decreases in spending were for meals out (48%
to 12%) and outdoor entertainment (35% to 7%).
Savings during social distancing:
Americans are saving an average of almost $220 a month compared to €177 ($192) in Europe
due to the introduction of social distancing and isolation
measures. Globally, however, 34% of respondents indicated they
haven't saved any money during self-isolation.
Thinking long term: Over half (54%) of respondents
globally have long-term savings goals, with Portugal and the U.S. having the highest
percentage (63%). Americans' leading reason for saving money long
term is for retirement (49%), compared to other countries whose
number one reason is a rainy day fund (36%).
Safety and the future of spending: When thinking
about the spread of Coronavirus and the fact that the virus can
cling onto surfaces, including physical cash, two-thirds (66%) of
global consumers are planning to opt for contactless payment over
cash moving forward. People in Ireland and Spain (75%) plan to do this the most.
BANKING CONFIDENCE & UNDERSTANDING
Financial understanding: Globally, 45% of people are
confident in explaining a credit rating or credit score. However,
78% are confident explaining what a 'bank statement' is to
others.
True feelings about finance: In the U.S., almost 75%
of Americans selected a negative phrase to describe their feelings
towards their finances, with almost half (46%) saying they're
'worried' when they think about their finances, and 39% stating
that they are 'nervous'.
"We found that there is a lot of confusion, frustration and
anxiety around personal finances and that people are looking for
more simplicity, transparency and trust when it comes to banking"
said Nicolas Kopp, U.S. CEO of N26.
"Our mission has always been to make banking simple and easy, and
we are committed to supporting people by providing them with the
tools they need in these uncertain times. A great example of this
is our Apple Pay integration as our survey found that over 60% of
people are planning to opt for contactless payments due to
COVID19."
To learn more about the Big Banking Chat initiative and to check
out additional resources, visit here
https://n26.com/en-us/big-banking-chat. You'll find additional
details about the survey and additional content on "Personas,"
descriptive character profiles representing each type of person
during the different finance stages of their lives. The personas
also include tips and resources on how to best deal with your
finances depending on personality traits.
You can join the conversation with #bigbankingchat.
Source:
- The findings are based on a survey by Sapio commissioned by
N26, of 10,000 adults across Europe and the US. The poll was conducted in
April 2020.
N26
N26 is building the first
mobile banking platform the world loves to use. Valentin Stalf and Maximilian Tayenthal founded
N26 in 2013 and launched the initial product in early 2015. Today
N26 has more than 5 million customers in 25 markets. The company
employs more than 1.500 employees across 5 office locations:
Berlin, New York, Barcelona, Vienna and São Paulo. With a full European
banking license, state-of-the-art technology and no branch network,
N26 has redesigned banking for the 21st century and is available on
Android, iOS, and desktop. N26 has raised more than $770 million from the world's most established
investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter
Thiel's Valar Ventures, Li
Ka-Shing's Horizons Ventures, Earlybird Venture Capital,
Greyhound Capital, Battery Ventures, in addition to members of the
Zalando management board, and Redalpine Ventures. N26 currently
operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the US, where it operates via
its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the U.S. are
offered by N26 Inc. in partnership with Axos® Bank, Member
FDIC.
About Axos Bank
Axos Bank is a federally-chartered
nationwide U.S. savings association that provides consumer and
business banking products through its low-cost distribution
channels and affinity partners. With approximately $11 billion in assets, Axos Bank provides
financing for single and multi-family residential properties,
small, medium and large businesses in targetsectors, and selected
specialty finance receivables. Axos Bank is a wholly-owned
subsidiary of Axos Financial, Inc., a financial services holding
company listed on the NYSE under the symbol "AX" and a component of
the Russell 2000® Index and the S&P SmallCap
600® Index. For more information about Axos Bank, please
visit axosbank.com.
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SOURCE N26