MENLO PARK, Calif., April 6, 2021 /PRNewswire/ -- Quicken Inc., maker of America's best-selling personal finance software, today shared survey results finding that nearly all respondents (89%) believe staying on top of their finances is important, but many struggle to dedicate time to it. Thirty-seven percent of respondents cited anxiety as a barrier, and 22% don't spend more time managing their finances because they simply don't enjoy it.
On average, people spend 3.3 hours a week managing their finances, which is less than all other activities respondents were asked about including social media, hobbies, household chores, personal appearance, and working out. For those with financial anxiety, many fear they aren't spending enough time, or that they aren't keeping pace with their peers. Two-thirds (66%) of people with financial anxiety think they should spend more time managing their finances each month, and 41% believe they spend less time than their peers.
"It's natural to face anxiety when dealing with money management," said Quicken CEO Eric Dunn. "In honor of April being financial literacy month, I encourage anyone who stresses about money to seek out resources and tools to help them live a healthy financial life."
Quicken's recent survey found that people across varying demographics face financial anxiety. One-third (33%) of men reported feeling anxious about their finances, while 41% of women said the same thing. Across all income brackets, 30% or more of respondents noted that financial management left them feeling anxious, with the most people reporting anxiety among those making $75,000-99,000 (45%) and $200,000-499,999 (38%).
The survey findings point to a few reasons why so many people are affected by financial anxiety, including:
Financial education is limited More than a quarter (27%) of respondents feel their formal education did not prepare them well or at all to manage their finances. Only 38% of respondents who experience financial anxiety said their education prepared them to manage their finances, compared to 50% of all other respondents.
Lack of a personal finance management system When asked about one thing that would make managing finances easier, respondents cited:
An app or system
An easy way to track
Knowing an efficient way to budget
Having a platform that shows all my finances together
With only 26% of respondents using an app or software to manage their finances, there's an opportunity to reduce anxiety. Using tools and developing a routine can make managing finances easier and offer greater visibility into how money is being spent, saved, invested, and more. Less than half (44%) of respondents experiencing financial anxiety and 52% of all other respondents know their net worth. In comparison, 71% of respondents using software or an app to manage their finances know their net worth.
There is good news for those facing financial anxiety — the survey found that financial anxiety reduces with experience and age. Boomers were least likely (19%) to report feeling anxious from managing their finances compared to other age groups (51% of Gen Z, 43% of millennials and 38% of Gen X).
A blog post with additional findings from the survey can be found on the Quicken blog.
Take Quicken's quiz "Are You a Money Magnet?" to find out how sharp your financial management skills are.
About Quicken: Quicken is the #1 personal finance software in the US. For over 30 years, customers have relied on Quicken to manage all their finances, so they can lead healthy financial lives. Its desktop and cloud product suite includes a family of products that cater to different financial needs and device preferences — Quicken Starter Edition, Quicken Deluxe, Quicken Premier, and Quicken Home & Business, all of which can sync with Quicken's website and mobile apps — as well as Simplifi for mobile and web. Simplifi, named the "best budgeting app" by The New York Times' Wirecutter, is designed to help a new generation of mobile-first customers easily stay on top of their finances. Over 17 million people have used a Quicken product to manage their finances. Learn more at www.quicken.com.
Methodology: This SurveyMonkey online poll was conducted in February 2021. The survey consisted of a sample of 750 U.S. adults, ages 18 to 73. Respondents for this survey were selected from the Cint audience of 100M+ people.