Financial Wellness

The Mind-Money Connection

How managing your finances can make you happier

Jenius Bank, the digital banking division of SMBC MANUBANK and a member of the SMBC Group, today unveiled the findings of its new survey, The Mind-Money Connection: How Managing Your Finances Can Make You Happier, revealing the tangible ways consumers’ financial situations intertwine with our mental health and wellbeing. Explore the report findings here.

LOS ANGELES, June 25, 2024 – Jenius Bank, the digital banking division of SMBC MANUBANK and a member of the SMBC Group, today unveiled the findings of its new survey, The Mind-Money Connection: How Managing Your Finances Can Make You Happier, revealing the tangible ways consumers’ financial situations intertwine with our mental health and wellbeing.

The report, which surveyed more than 4,000 U.S. consumers*, comes as Americans face a wave of significant financial hurdles, from persistent inflation to rising debt to the increasing uncertainty of retirement. As the data shows, financial pressures – among many others – are causing stress and anxiety that may impact nearly every facet of people’s lives, from their relationships to their physical health to plans for the future.

“We’re deeply invested in identifying ways to help Jenius Bank customers feel more secure with better products and resources that help minimize or alleviate common financial stressors,” said John Rosenfeld, President of Jenius Bank.

The report reveals what respondents believe it means to live richer lives in 2024, how financial stress manifests, and the ways in which these consumers receive and seek out financial advice.

In the past, being “rich” might have been described as splurging on fancy cars and lavish homes, but in 2024, the true meaning of living a rich life reflects a new way of thinking about finances:

  • Richness, Defined: Not having financial debt (33.4%), retiring early without concern of running out of funds (33.1%), and establishing generational wealth (27.8%) were the top definitions of “rich” among those surveyed.
  • Wealth Perception Gap: Most respondents (80%) do not consider themselves rich, but 32% said others consider them to be, indicating they don’t see themselves as affluent as others may perceive them.
  • How Financial Stress Manifests: Over 50% of respondents say finances make them stressed and cause anxiety and/or feelings of depression, also reporting loss of sleep (52.8%), feelings of guilt or hopelessness (41.4%), regular headaches (32%), and strained relationships with friends/family (30.1%).
  • The Ripple Effect of Financial Stress: Approximately 1 in 4 respondents said financial concerns have impacted their decision to have children, 36.2% would consider moving to a less expensive new location because of them, and 55% of unmarried respondents say they’re less likely to get married due to their financial worries.
  • Seeking out Financial Advice: Social media is increasingly influential, with 20% of respondents participating in viral money management trends such as “quiet luxury” and “loud budgeting.” Additionally, 65.7% of that cohort reported improved feelings about their finances from participating in these trends.

“When you feel financially secure, it helps to boost your confidence and peace of mind. On the flip side, financial stress may take a heavy toll on your mental and emotional health,” said Julie Guntrip, Head of Financial Wellness at Jenius Bank. “It’s crucial for banks to recognize this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help live richer lives.”

To read more insights from The Mind-Money Connection report, and for tips on how to build confidence and practice better financial hygiene, visit jeniusbank.com/mind-money-connection.

To learn more about Jenius Bank, go to www.jeniusbank.com/.

 

 

*Methodology
The survey collected responses from 4,025 United States residents between the ages of 25 and 55. Approximately 2,012 respondents (one-half) fell between the ages of 29 and 44, or the “Millennial” generation. Each respondent reported an annual household income (HHI) of $100,000 or higher. The survey was conducted online via Propeller Insights, a full-service market research company. Propeller Insights facilitated the recruitment of the participants, deployment of the survey and collection and delivery of the raw data. Data collection began on April 2, 2024 and concluded on April 9, 2024. Any data collected is solely utilized for the purposes outlined in the agreement between Jenius Bank and Propeller Insights. This survey recognizes certain limitations in its design (such as question wording) and data collection methodologies (such as practical difficulties in conducting surveys). While we have employed robust techniques to ensure accuracy, it is important to note that all survey research may involve unmeasured variables and errors that could influence the outcomes.
About Jenius Bank
Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by first class technology. Jenius Bank currently offers personal loans and high-yield savings accounts, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. To learn more information about Jenius Bank, visit www.jeniusbank.com.
About SMBC Group
SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of December 31, 2022, its total assets were $1.99 trillion.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.
About SMBC MANUBANK
SMBC MANUBANK is a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group—a global leader in finance and innovation. SMBC MANUBANK delivers tailored financial solutions, combined with first-class technology and a client-first service model. Our trusted advisors bring decades of commercial banking experience in diversified industries and specialty banking. SMBC MANUBANK’s digital division, Jenius Bank™, offers consumers tools and insights to better manage their personal finances and grow wealth.
Headquartered in Los Angeles, California, SMBC MANUBANK also has offices in Beverly Hills, Brea, Encino, Glendale, Newport Beach, San Jose, and Torrance. For more information, visit www.smbcmanubank.com.

 

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