Achieving financial health isn’t easy for everyone.
Many of us have had significant challenges navigating our relationship with money – often inducing stress and anxiety. But a new study by Fidelity revealed that young adults are particularly affected in ways we haven’t seen before.
The 2022 Money Mindset report said that more than half of the survey’s participants (59%) “cringe at the thought of even checking their bank account balance” and about 57% percent absolutely loathe budget-making. They even reported they’d rather do domestic chores than peek in on their spending records.
The study took a look at the money mindset of young adults between the ages of 18 to 44 including their spending habits, savings and what their current relationship with money looks like.
The results ran deep.
For example, more than three in four (76%) believe that
to save money they must cut back spending on things that make them happy per a news release.
To help quell some of those money fears, Fidelity launched Fidelity
Bloom mobile app – a digital platform that rewards users for smart financial habits.
“Fidelity Bloom is the latest example of our commitment to invest in technology and tools that meet the changing needs of customers, especially those of the next generation,” said David Dintenfass, chief marketing officer and head of emerging customers at Fidelity in a news release.
“The new Fidelity Bloom app is grounded in the insight that positive reinforcement works best in new habit formation, particularly when there is anxiety involved. Based on behavioral science, Fidelity Bloom creates incentives for anyone to establish healthier financial habits. For people who ignore their money because it is a source of negative emotions, Fidelity Bloom can help them find a positive way to engage and take more control of their financial future.”