MoneyLion’s Personal Financial Wellness Survey Reveals Younger Generations are Turning to Social Media and Financial Influencers for Financial Advice

Outcomes spotlight 49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Gen Zers use social media as their major economical training useful resource 3-in-4 Gen Zers and Millennials cite a digital supply as their most critical source of monetary details and, 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of respondents feel snug taking motion as a result of apps

NEW YORK, January 25, 2023–(Business enterprise WIRE)–MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to location for personalised monetary articles, items and assistance, currently shared findings from a latest MoneyLion Own Economic Wellness Examine1 conducted by Early morning Consult with. The survey, and subsequent results, are specially well timed as January is thought of Monetary Wellness month and will provide nearer focus to enhancing monetary wellbeing, which is crucial to MoneyLion’s mission. The study was broken down into several sections on own economical wellness and uncovered that whilst many Individuals – especially youthful generations – are largely unfamiliar with distinct monetary items and conditions, apps like MoneyLion are well-positioned to shorten the distance from schooling to action.

Importantly, the survey offers proof how consumer behaviors, with respect to the usage of financial articles as well as solution utilization, are transforming in the United States. MoneyLion’s unparalleled approach to monetary information shipping and delivery, and entry to a finish presenting of monetary merchandise, is perfectly positioned to fulfill these new customer traits.

The results emphasize that though around a quarter of People in america now use digital/on-line-only financial institutions, use is drastically bigger between youthful generations. The exact pattern retains legitimate for sources of fiscal details as younger Us residents are much additional likely than more mature Us citizens to go on-line for money information and facts with 3-in-4 Gen Zers and Millennials citing a electronic resource (these types of as apps or social media) as most critical for obtaining economical information and facts.

In addition to Gen Z and Millennials remaining much more at ease with digital banking institutions and consuming monetary training and written content by using apps, social media and influencers, the conclusions exhibit that respondents experienced high amounts of ease and comfort using action based mostly on financial info gained through electronic resources. Exclusively, even though only a quarter of Individuals surveyed indicated they have gained new details about managing their finances recently, extra than two-thirds of those that have received these kinds of facts also indicated they’ve taken motion dependent on that facts. This showcases that MoneyLion, with its extensive fiscal education initiatives and digitally-available product choices, is effectively positioned to enable educate consumers and permit them to then acquire motion.

Extra vital conclusions down below:

  • More youthful Individuals tend to be minimum common with fiscal products and solutions, companies and terms

    • 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Gen Zers and 48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Millennials are acquainted with economical products and solutions these kinds of as checking accounts and mortgages.

    • 30 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Gen Zers and 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Millennials are acquainted with fiscal products and services such as credit rating unions and inventory brokerages.

    • 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Gen Zers and 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Millennials are acquainted with monetary terms these kinds of as capital gains and compounding curiosity.

  • Considerably less than 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Americans truly feel perfectly-served in economical accessibility

    • Only 53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of respondents agreed with the assertion that “I believe in my bank has my very best interest in intellect”

    • Less than fifty percent of respondents agreed with the assertion that they had “somebody I trust to request for economic advice”

  • Only 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of respondents indicated that they have the monetary abilities

    • 29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of respondents actively stick to a system to develop future wealth

    • Only 59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of respondents acknowledged that they actively regulate their prosperity (this kind of as tracking spending, budgeting and investing)

“Our survey shows that there is a serious want for economic education that is delivered via digital channels and in the format that people today take in media, particularly among young generations,” stated Cynthia Kleinbaum, Main Consumer Officer at MoneyLion. “It also confirms that when individuals come to feel informed and empowered, they are eager to acquire action. This is why it has been so vital for us to link articles with items, so the distance concerning learning and having motion can be lowered. I am unbelievably energized to see how the MoneyLion practical experience can assist Us residents get management of their money life.”

The effects exhibit why MoneyLion is delivering economic articles and info to individuals in entirely new methods, like digestible, quick kind movies. As element of that mission, MoneyLion declared it released MoneyLion College (“MLU”) as aspect of its groundbreaking fiscal literacy initiative aimed at filling a hole in funds education across the United States. The written content delivers a persuasive curriculum centered around authentic-planet dollars instruction and competencies to buyers nationwide, delivered digitally. Anchoring this initiative, MoneyLion partnered with NFL participant and University of Pennsylvania (“UPenn”) Lecturer, Brandon Copeland who provides income tips, advice and way of living hacks to viewers.

About MoneyLion

MoneyLion is a 1-halt desired destination for personalised money articles, merchandise and information. MoneyLion’s mission is to rewire the monetary program to positively adjust the path of each individual tricky-functioning American. MoneyLion employs its proprietary info advantage and technological innovation to empower its shoppers. MoneyLion engages and educates its shoppers with day by day, hyper-individualized cash-similar and money-adjacent articles that is sent by just about every customer’s individual information feed. MoneyLion provides its buyers a comprehensive suite of economic and non-economic methods, bundling its proprietary, small-cost money solutions with products and solutions that are available as a result of its marketplace engineering and network affiliate companions. MoneyLion also leverages its distinct details, technologies, and community strengths to deliver major embedded finance and marketplace solutions for business buyers. Given that its founding in 2013, MoneyLion has empowered thousands and thousands of People in america to just take regulate of their funds and stay their most effective monetary lifetime, every day.

For more information and facts about the company, stop by For investor information and updates, take a look at and follow @MoneyLionIR on Twitter.

1 In partnership with Morning Consult with, MoneyLion surveyed 4,010 nationally representative Grownups about the age of 18 on the web from 11/10/2022 to 11/12/2022 based on gender, age, educational attainment. house income, area and race and ethnicity.

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MoneyLion Communications
[email protected]

Caliber Corporate Advisers
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Christopher Lewis

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