Survey: 53% of consumers feel financially 'frozen'
A majority of Americans are facing difficulties financially as prices continue to remain high.
The survey of 2,000 consumers conducted by Talker Research on behalf of Zoe Financial showed that more than half (53%) of respondents feel "frozen" financially, or “stuck, overwhelmed or unsure” about what to do when it comes to their finances. Respondents said their biggest financial concerns are paying for necessities (36%) and sticking to a monthly budget (36%).
Almost a quarter (22%) of those surveyed are worried about their savings strategy, while others said they’re feeling stressed about retirement (21%), loans and debt payment (20%), and investing (9%). Respondents reported feeling most helpless when navigating inflation and the cost of living (25%), investing (24%), and budgeting and saving strategies (23%).
[READ MORE: Consumer sentiment plunges to 29-month low]
More than three-quarters (77%) of respondents said they wish they would have done things differently in the past that could have made their financial future better. Areas of regret for consumers include savings strategies (55%), sticking to a stricter monthly budget (41%), and investing (38%).
A quarter (26%) of respondents said they have a financial advisor. For those who don’t have one, the biggest blocker to hiring one is a misconception that financial advice and success are only for the affluent. Nearly four-in-10 (39%) of those who haven't considered finding a financial advisor believe they can't afford it, while 24% think they don't have enough money for it to be necessary (24%).
While artificial intelligence becomes more prevalent in daily life, consumers are hesitant to use the technology to improve their finances. Thirty-seven percent said they would feel uncomfortable relying solely on AI-driven tools to help with their finances, preferring real people. Most respondents consider human financial advisors more trustworthy (58%), comprehensible (50%) and effective (47%) than AI-driven tools.
When asked to rank their AI concerns regarding personal finance, respondents said they don’t trust new technology, are concerned about how sensitive data would be stored and used, and are unsure how to use AI effectively.
