Survey Finds Americans Value Banking Apps Over Social Media Amid Economic Pressures

Survey Finds Americans Value Banking Apps Over Social Media Amid Economic Pressures
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A new survey by Wells Fargo, reported by Axios, shows that Americans are placing greater importance on financial tools than social media as economic concerns grow.

According to the survey of nearly 4,000 adults, 84% said they would give up social media for a year, while only 16% were willing to stop using banking apps, highlighting the central role of digital financial services in daily life.

The findings reflect broader shifts in financial behavior, with 95% of respondents reporting changes in how they manage money over the past year, and 56% making significant adjustments. Many participants said they are actively responding to rising living costs, with 73% seeking discounts, 67% delaying purchases, and 47% increasing savings and investments.

Experts say banking and investment apps are increasingly seen as essential tools. Emily Irwin, a senior executive at Wells Fargo, described them as a “safety net” helping users navigate financial uncertainty.

The survey also found growing use of artificial intelligence in personal finance, with one in five adults using AI tools for financial advice, rising to nearly 40% among younger users.

The results point to a shift in priorities as Americans focus more on financial stability in an uncertain economic environment.