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Americans divided on economic outlook, Logica finds

Tuesday, December 17, 2024 — 16:19:41 (EST)

SAN FRANCISCO, Dec. 17, 2024 /PRNewswire/ -- Despite rising consumer spending and job growth, nearly half of Americans (49%) believe the economy is worsening, according to the latest wave of Logica's Future of Money Study. The remainder are neutral on economic outlook with a small percentage (18%) feeling positive about the future. These mixed perceptions are driving significant changes in how people save, invest, spend and work—creating both challenges and opportunities for financial services companies. The highlight report, available today, covers key topics from the full study.

Logica

Now in its 17th edition, the Future of Money Study provides a deep dive into how economic uncertainty is shaping consumer behaviors, uncovering key trends such as the growing reliance on mobile payments, shifting attitudes toward investments, and the increasing importance of workplace financial benefits.

"Americans are balancing economic concerns with a cautious sense of optimism when it comes to their financial lives and behaviors," said Lilah Raynor, founder of Logica Research. "Our study offers a valuable lens into their evolving needs, giving financial institutions actionable insights to better serve their customers during uncertain times."

Some of the key findings shared in the highlights report of the study include:

Diverging financial strategies:

Among those who feel the economy is worsening, 44% are seeking additional income, 37% are changing shopping habits, and 37% are delaying major purchases.

Optimistic respondents are more confident, with 31% increasing debit card usage and 27% using credit cards more actively.

Mobile payments on the rise:

Over half (52%) of Americans use mobile devices for in-person payments, led by Gen Z (69%) and Millennials (65%).

Workplace benefits matter:

82% of employed Americans value financial programs like retirement planning and investment guidance, with younger generations driving increased contributions to 401(k) accounts. The Logica Future of Money Study findings emphasize the need for tailored solutions. Financial services companies can leverage technology to create mobile payment and credit-building tools for younger consumers, provide financial education and personalized strategies to build resilience, and partner with employers to enhance workplace financial wellness programs.

You can access the highlight report here: info.logicaresearch.com/future-of-money-preview-2024

For full study data the Logica Future of Money Insights Kit information is available here: logicaresearch.com/the-future-of-money-study-insights-kit-from-logica/

About Logica Research

Logica Research creates custom marketing research solutions to help companies build the products and services that improve people's financial lives and drive business growth. The Future of Money Study is designed to give companies insights into how people think about money. Those insights can be used to help drive product innovation and create engaging communications that will wow customers. Insights from the research that Logica has conducted for clients have been published in the largest media outlets in the world including the New York Times, The Financial Times, The Wall Street Journal, CNN, Newsweek, Time, and USA Today. www.logicaresearch.com

About the Logica Future of Money Study

The Logica Research Future of Money Study is a twice-yearly research report that offers a detailed 360-degree snapshot of the current consumer money mindset. The online study has been running since 2017 and is conducted among 1,000 U.S. adults and an augment of 200 older Gen Zers (16-27 years old). This wave was conducted in October 2024. The insights in the ongoing Logica® Future of Money Study are geared toward helping financial brands and institutions develop strategies, products and communications to improve people's financial lives. Access to the full study is provided through the Future of Money Insights Kit from Logica Research.

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Source: Company press release.