N26 data research shows only 27% of people feel in control of their finances

N26 is a german challenger bank that is live in 25 countries including the US. Last week it has announced survey results from its larger “Big Banking Chat”.

This global initiative revealed research on current consumer attitudes towards banking and their sentiment toward managing their finances. This survey has captured data from over 10,000 adults across Europe and the U.S.

N26 chose various topics including long-term savings goals, the shift in consumers’ spending habits, and how people’s financial lives are being impacted by the Coronavirus pandemic.

The Big Banking Chat initiative aims to engage people in one of the world’s biggest online banking discussions. This N26’s global survey found that money concerns have become one of the biggest worries for people after the health and almost 75% of Americans negatively describe their feelings towards their finances.

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For example: On question “How have spending habits changed recently?” survey showed following results:

Since the onset of the Coronavirus, spending of disposable income has changed for 78% of Americans. Globally, spending of disposable income has dropped, apart from grocery shopping which has increased (63% to 65%) and subscription/streaming services which has stayed the same. The biggest decreases in spending were for meals out (48% to 12%) and outdoor entertainment (35% to 7%).

“We found that there is a lot of confusion, frustration, and anxiety around personal finances and that people are looking for more simplicity, transparency, and trust when it comes to banking,” said Nicolas Kopp, U.S. CEO of N26

“Our mission has always been to make banking simple and easy, and we are committed to supporting people by providing them with the tools they need in these uncertain times. A great example of this is our Apple Pay integration as our survey found that over 60% of people are planning to opt for contactless payments due to COVID19,” he added.

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