2024 Psychology of Money
A study measuring psychological influences and behavioral approaches to money, and the first money personality work behind the quiz.
Psychology of money
Only 29% feel confident managing their own finances.
- 43%
- are more comfortable with safer investments
- 63%
- more optimistic about money among men than women
About the report
The 2024 NextGen Psychology of Money Report, developed in partnership with National MI, provides key insights into the financial behaviors and mindsets of Gen Z and Millennials. Kristin Messerli led the research and developed a money personality assessment designed to help people understand their tendencies in financial mindset, planning, and spending. Key themes include a lack of confidence, cautious investment approaches, and gender differences in financial optimism.
Survey responses came from 300 participants aged 18 to 55+, with balanced representation of Gen Z and Millennials. Participants rated their agreement with statements reflecting financial behaviors, attitudes, and decision-making, and the data was analyzed across three profiles: money mindset, financial planning, and spending behavior.
Key insights
- Low confidenceOnly 29% reported confidence in their ability to manage their finances.
- Equal dependenceConsumers are split evenly between preferring a collaborative and an independent approach to financial planning.
- Low risk tolerance43% feel more comfortable with safer investments.
- Gender differences in optimismMen are 63% more likely to be optimistic about their finances than women, and 24% more likely to believe they can achieve their financial goals.
- No age differencesThe analysis found no significant generational differences, with NextGen responding similarly to older age groups.
Method
Survey of 300 participants aged 18 to 55+, fielded in 2024.