Word Up

Stress Less About Your Money

Nearly 3 in 5 Americans believe managing their money is more mentally demanding than solving a crossword puzzle

Digit launches a new all-in-one financial app that intelligently and automatically manages your money and financial goals. View the full survey here.

SAN FRANCISCO, April 12, 2022 /PRNewswire/ — Despite investing significant time into their finances, many Americans find managing their money to be too complex, according to a new Digit survey released today. In fact, nearly three in five (58%) said managing their money is more mentally demanding than solving a crossword puzzle.

From setting budgets to managing purchases, income and investments, Americans are spending several hours each month on their finances – and they continue to rely on antiquated methods in order to do so. Digit’s survey found respondents spend four hours on average per month managing their money. Even in a digitally-native world, the most popular money management method is with pen and paper (37%), including 30% of Gen Z and 28% of Millennials.

“Despite the fact that a strong relationship with money is essential to our lives, managing our money and achieving our financial goals is too time consuming and mentally taxing,” said Ethan Bloch, founder and CEO of Digit. “Our research shows that consumers have not been set up to maintain a healthy relationship with their finances, and in turn, reach their financial goals. Without tools and systems that are built to make finances more effortless and approachable, Americans are vulnerable to behaviors that will negatively impact their financial health.”

Even with a significant investment, Americans are not reaping benefits from their current approach to finances:

  • Among those who had financial goals, 78% admit they are concerned they don’t have a plan to reach their financial goals.
  • 44% were at least somewhat likely to dip into their savings in the first three months of 2022, with more than a quarter (27%) saying they were extremely or very likely to do so.
  • 13% don’t have any savings to dip into, with women nearly four times more likely than men to say this (19% of women versus 5% of men).

The ability to feel in control of finances leads to real mental and financial health benefits:

  • 92% say when they have their finances under control, they feel less anxious in their daily life.
  • 70% who manage their own finances – including those who use an app – report a positive relationship with money, compared to just 45% of those who don’t directly manage their money.
  • 88% of Millennials followed closely by Gen X (87%) say they manage their own money and are also the most likely to say their relationship with their finances is getting better (40% and 39%, respectively).

Welcome The New Digit: The Future Of Intelligent Banking

For consumers looking to foster a healthier relationship with their money and put their financial goals within reach, Digit now offers a bank account called Direct℠*, making it the first all-in-one financial app that intelligently banks, budgets, saves and invests for its members.

We all aspire to be financially healthy, but we are not wired to prioritize long-term decision making...

Digit uses proprietary intelligence to analyze its members’ full financial picture and help them make smart decisions with their money each day in no time and without the need of additional tools or mental math. With Direct, Digit can now budget for bills automatically while also making progress on both long- and short-term savings and investing goals, making for an experience completely personalized to each member’s short-term financial needs and long-term wealth building.

“We all aspire to be financially healthy, but we are not wired to prioritize long-term decision making,” said Bloch. “Our financial tools need to work harder for us. Our mission at Digit is to provide our members with smart and easy to use tools that leverage technology to help them make better decisions and relieve much of the stress they may have previously felt about their finances.”

Digit is $5/month following a free 30-day trial period and is available for download on Apple and Android devices.**

 

 

 

Methodological Notes
This survey was conducted by Wakefield Research among 1,000 U.S. adults, between December 8th and December 13th, 2021, using an email invitation and an online survey. The margin of error for the study is +/- 3.1 %.
About Digit
Founded by Ethan Bloch in 2013, Digit’s mission is to make financial health effortless for everyone by providing members a suite of financial services powered by AI. Digit launched the first truly personalized and automated savings app in 2015 and has since helped members save over $7 billion and pay off over $300 million in debt. Over the years, Digit’s features have evolved to help make its members’ financial lives even more effortless. With the addition of banking features, Digit is the first all-in-one app that intelligently banks, budgets, saves, and invests for its members.
About MetaBank, National Association
MetaBank®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH), a South Dakota-based financial holding company. MetaBank’s mission is financial inclusion for all® MetaBank strives to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. MetaBank works to increase financial availability, choice, and opportunity for all. Additional information can be found by visiting www.metabank.com.
*Digit Direct is a deposit account established by MetaBank®, N.A., Member FDIC.
**Standard data charges may apply.