Americans admit that they’re ineffective at managing their long-term finances, but largely feel like they have nowhere to turn for help.
In Expectations & Experiences, a report from Fiserv, a Brookfield, Wisc.-based financial services provider, nearly half of U.S. households said they don’t have anyone to rely on for financial advice, a number that increases for baby boomers and seniors.
According to Fiserv, approximately one-third of Americans complain they’re receiving conflicting opinions about how to manage their finances, with millennials more likely than their elders to complain about conflicting opinions.
Most households, 60 percent, said that managing their finances is something they have to do, not something they want to do. Almost half of the respondents, 45 percent, agreed that it is a chore to think about how they manage their money.
Approximately one in four respondents admitted to not having enough time to manage their finances the way they want to, and another one in four reported feeling lost when trying to manage their finances.
Americans give themselves higher grades for managing short- and mid-term responsibilities like paying bills and managing day-to-day household finances than they do for their ability to save for a specific situation or for retirement, according to the study.
According to Fiserv, most of the respondents said they view financial institutions as partners in managing their finances.
On average, American households do business with four financial institutions, citing favorable rates and rewards, perks, and better investing results as their top reasons for using more than one institution.
Traditional financial institutions and management methods were still used by a large portion of the respondents — branch banking remains their No. 1 option when it comes to opening accounts and seeking loans, and 49 percent of households said they use a checkbook to track their finances.
While Fiserv says that U.S. households are slowly adopting digital tools, respondents said online or mobile financial applications must update balances in real time, aggregate all of their information into one place, and include a customizable interface.