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Privacy vs. Money: Survey Reveals Surprising Results

According to the SoFi Spending & Savings Study, almost half of adults never discuss finances with their friends and family? That’s a staggering 46%!

It turns out people are more willing to share their worst hookup story, of all things, than their bank balance. A whopping 79.5% prefer sharing that! But what’s even more surprising is that 87% of people would rather let their friends read through all their texts than their bank statements!

SoFi’s survey also found that younger generations are more open to talking about money with friends and family. While 70% of Boomers never discuss their finances, only 37% of Gen Zers fall into that category. It seems the younger generation is breaking the silence.

Or maybe they just feel less pressure to have their finances buttoned up?

That’s true. And get this, Gen Zers would rather have their friends read through their bank statements than their texts. Sixty-two percent of them prefer it, compared to only 39% of everyone else.

Now, let’s talk about social media.

It’s were we go to learn life hacks, watch fails and consume headlines, but now it’s become a resource for financial education. Of course Facebook takes the lead as the platform where most people turn to learn about finances, with 39% using it.But adults under 30 are more likely to get their financial education from TikTok than anywhere else. 

And they probably need it most so let us ask you….Are you sharing your expertise with this generation?

Now, let’s talk about banking habits and fees. The survey reveals that 60% of consumers have paid banking fees this year. And most of them, around 40%, paid anywhere from $15 to $100 in fees. With nearly a third of consumers over-drafted their bank accounts 3 to 5 times in the last year. 

And 64% of consumers don’t even know the interest rate they’re earning on their savings account.However, in all fairness, those rates have been of little consequence over the last several years, but it’s time to check them out.  I’ve seen offerings of upwards of 5%. With all that in mind, I thought it could be helpful info to share that the University of Michigan offers FREE Online courses, Adulting 101, and they cover everything from Budgeting, banking, and how taxes and health insurance work.  So check it out and more importantly; spread the word!

Link is in the description or somewhere right around here.