Americans have money on the mind. New research from Empower released today found that Americans spend nearly 4 hours a day thinking about their finances. And while that means they are worried about their financial situation, the research found a bright side.
“Here’s what’s encouraging: our study finds those thoughts motivate people to take action to reach their goals. People are budgeting smarter, planning ahead, and seeking trusted guidance,” said Empower President and CEO Edmund Murphy III, in a LinkedIn post today touting the new research.
Over half of Americans (54%) say they’re thinking about money more often than they did last year, but nearly half (45%) say thinking about money motivates them to take action to reach their long-term goals.
Quality of life considerations are top of mind among those surveyed, with 57% thinking about bills, 51% thinking about inflation and rising prices, and 34% about housing costs. Next up were debt (30%), tariffs (28%), and retirement savings (24%).
A majority (55%) of Americans say they think about their retirement weekly, while 27% admit to thinking about it daily. Nearly one in four (22%) high-income earners have retirement on the mind multiple times a day. During the day, 38% of people say money-related thoughts interfere with their ability to focus.
Paying attention
People are not just thinking about finances—they’re checking in, and in, the Empower study found. Nearly one-fifth of the population (17%) checks their financial accounts, including credit cards and investments, multiple times per day, and a quarter (24%) checks their bank account daily.
Keeping a close eye is more common among younger adults: 24% of Gen Z and 21% of Millennials monitor accounts several times a day, compared to just 10% of Boomers. Over a third of Americans (36%) and 44% of Millennials say they lose sleep over financial worries. Boomers report sleeping better, with just 24% reporting money keeps them up at night.
“In an era of 24/7 economic headlines, money is dominating our daily thoughts,” said Rebecca Rickert, head of communications and consumer insights at Empower. “But here’s the silver lining: we’re seeing a real shift from passive worry to proactive behavior. People are motivated. They’re looking for tools, information, and advice to turn that energy into progress.”
One third (33%) are thinking about how to grow their money, and how to achieve long-term security (30%). Some 35% say they actively work to improve their financial situation when these thoughts arise, with Millennials among the most proactive (40%).
These actions are paying off. One in five (20%) people report significantly improving their credit score. Another 20% have paid off meaningful debt, created a successful budget (19%) or spending plan (19%).
More key findings from Empower’s “Money on the Mind” report:
• Time check: Gen Z is most likely to think about money in the late afternoon, between 2 p.m. and 5 p.m., whereas Millennials and Gen X report an uptick in financial thoughts between 8 p.m. and 11 p.m.
• Stress reducers: Nearly half said a higher income (47%) would ease their worries, while 45% pointed to lower living expenses. Broader economic improvements (29%), debt elimination (28%), and a larger emergency fund (24%) were also top responses to help reduce stress.
• Cutting back: The research found Americans are cutting back on discretionary spending. Over half (53%) are dining out less frequently; 46% are buying fewer non-essentials; 40% are scaling back entertainment; 39% are postponing travel or vacations; and 33% are canceling subscription services.
• Financial news to use: Millennials, in particular, value financial education—52% say they place a high importance on financial insights and news (46% overall). Inflation and cost of living (49%) are the top topics people are researching, followed closely by budgeting (35%), saving (35%), and broader economic forecasts (27%).
Seeking guidance
With money top of mind, the new research found Americans are searching for insights they can trust. About one in five people seek out financial news multiple times a week, and more than four in 10 say that trusted financial information helps them make smarter decisions (41%).
High-income earners report they are seeking out financial news and insights at least once per day (31%). A third of respondents say that talking with a financial advisor helps clarify their thinking around money and financial goals (33%). Notably, one in five (18%) people said a detailed financial plan would go a long way toward helping them feel better about their finances (25% Gen Z, 23% Millennials).
Americans can’t stop thinking about their finances, but for many, it’s because they are dreaming of a bright future. Nearly half of Americans (47%) say they feel confident they will reach their financial goals.
Check out Empower’s full research report, “Money on the Mind,” at this link.
SEE ALSO:
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