Webster Bank’s Office of Corporate Responsibility (OCR) develops and supports programs that address financial empowerment, workforce development, community development and human services. In 2023, Webster’s OCR commissioned research to understand consumers’ financial challenges and the need/desire to build financial literacy.
The research was conducted among 1,500 U.S. adults ages 21-79. Highlights include:
- Americans are unsure how to save for the future: Nearly two in three (65%) feel they are “not saving enough for retirement” and cannot save “like they should” (63%). More than one-third of Americans (36%) report that when it comes to saving and investing, they “just don’t know where to start.”
- Majority of consumers worry about their finances: More than half (55%) say they worry a lot about their financial situation compared to just 32% who say they feel fully in control of their financial future.
- Most are seeking additional help to understand their finances: Two-thirds (67%) are interested in tools and resources to help build their financial knowledge and/or more effectively manage their personal finances.
- There is strong support for financial literacy education: While most did not receive financial education in middle/high school (63%), 85% of those who did found it at least somewhat beneficial; in addition, regardless of whether they received it or not, most strongly believe this type of education is needed (84%).
