Origin's State of Personal Finance Apps - 2024
In its effort to bring DIY wealth management to the masses, Origin surveyed over 1,000 US-based Gen Z and Millennials to understand how they handle their finances and build their wealth
By Origin
/
Published 8.16.2024
In our effort to bring DIY wealth management to the masses, Origin surveyed over 1,000 US-based Gen Z and Millennials to understand how they handle their finances and build their wealth. Here’s what we found:
Q1. How many personal finance apps do you currently use?
Answer Choices | Responses | |
1 | 14.76% | 156 |
2-3 | 41.82% | 442 |
4-5 | 29.90% | 316 |
6-7 | 10.12% | 107 |
8+ | 3.41% | 36 |
| Total | 1057 |
Q2. Please check every kind of personal finance app you actually have installed on your phone — even if you don’t use it.
Answer Choices | Responses | |
Investing | 55.53% | 587 |
Budgeting | 42.19% | 446 |
Credit Monitoring | 42.48% | 449 |
Taxes | 25.17% | 266 |
Financial advice | 19.49% | 206 |
Subscription monitoring / tracking / elimination | 12.58% | 133 |
Credit Card | 53.74% | 568 |
Banking (checking + savings) | 61.12% | 646 |
Crypto Trading | 19.02% | 201 |
Crypto Wallet | 17.31% | 183 |
401K | 20.15% | 213 |
Other (please specify) | 1.14% | 12 |
| Total | 1057 |
Q3. Which personal finance apps do you still use regularly? (Select all that apply)
Answer Choices | Responses | |
Credit Karma | 47.40% | 501 |
Mint | 20.91% | 221 |
Origin | 19.68% | 208 |
Robinhood | 29.42% | 311 |
Coinbase | 22.14% | 234 |
Acorns | 13.91% | 147 |
Chase | 33.87% | 358 |
Wealthfront | 11.92% | 126 |
Fidelity | 25.35% | 268 |
Chime | 15.23% | 161 |
Other (please specify) | 18.73% | 198 |
| Total | 1057 |
Q4. Have you deleted any personal finance apps in the past 6 months?
Answer Choices | Responses | |
Yes | 46.74% | 494 |
No | 53.26% | 563 |
| Total | 1057 |
Q5. How many personal finance apps have you deleted in the past 6 months?
Answer Choices | Responses | |
1 | 20.45% | 101 |
2-3 | 42.31% | 209 |
4-5 | 32.79% | 162 |
6+ | 4.45% | 22 |
| Total | 494 |
Q6. What was the main reason for deleting these personal finance apps?
Answer Choices | Responses | |
Too many apps to manage | 43.72% | 216 |
Lack of useful features | 25.91% | 128 |
Privacy/security concerns | 16.60% | 82 |
Switching to a different app | 11.94% | 59 |
To save money | 1.82% | 9 |
| Total | 494 |
Q7. Do you think you have too many disjointed personal finance apps (crypto, banking, budgeting, taxes, investing, etc.) and want to get rid of some of them?
Answer Choices | Responses | |
Yes | 52.65% | 556 |
No | 47.35% | 500 |
| Total | 1056 |
Q8. How dissatisfied are you with your current mix of personal finance apps?
Answer Choices | Responses | |
Very dissatisfied | 3.22% | 34 |
Dissatisfied | 6.16% | 65 |
Neutral | 40.34% | 426 |
Satisfied | 27.18% | 287 |
Very satisfied | 23.11% | 244 |
| Total | 1056 |
Q9. Do you have a financial plan?
Answer Choices | Responses | |
No | 33.33% | 352 |
Yes | 66.67% | 704 |
| Total | 1056 |
Q10. Why not?
Answer Choices | Responses | |
I don’t need one | 21.31% | 75 |
Too expensive to create | 17.61% | 62 |
I’m intimidated by the process | 40.06% | 141 |
I don’t know what a financial plan is | 15.91% | 56 |
Other (please specify) | 5.11% | 18 |
| Total | 352 |
Q11. Have you worked with a financial planner, financial advisor, or wealth manager?
Answer Choices | Responses | |
Yes to any of the above | 61.22% | 431 |
No - I built the plan myself | 36.65% | 258 |
No - I leveraged AI | 2.13% | 15 |
| Total | 704 |
Q12. How has your net worth grown since working with a financial planner?
Answer Choices | Responses | |
0% | 1.40% | 6 |
10% | 8.62% | 37 |
20% | 9.79% | 42 |
30% | 12.59% | 54 |
40% | 9.79% | 42 |
50% | 23.78% | 102 |
60% | 5.83% | 25 |
70% | 6.06% | 26 |
80% | 8.62% | 37 |
90% | 4.20% | 18 |
100% | 9.32% | 40 |
| Total | 429 |
Q13. What was it that they did that helped you grow your net worth? (Select all that apply)
Answer Choices | Responses | |
Provided investment recommendations | 69.14% | 307 |
Provided budgeting recommendations | 47.75% | 212 |
Cut unnecessary expenses | 43.92% | 195 |
Smarter tax planning | 34.23% | 152 |
Outlined a savings plan | 34.91% | 155 |
Provided debt management recommendations | 30.86% | 137 |
Helped you plan your finances with a partner | 23.87% | 106 |
Other (please specify) | 1.35% | 6 |
| Total | 444 |
Q14. In your estimation, what’s your net worth?
Answer Choices | Responses | |
$50,000 - $100,000 | 30.61% | 322 |
$101,000 - $150,000 | 10.08% | 106 |
$151,000 - $200,000 | 7.79% | 82 |
$201,000 - $250,000 | 7.32% | 77 |
$251,000 - $300,000 | 4.66% | 49 |
$301,000 - $350,000 | 5.80% | 61 |
$351,000 - $400,000 | 3.23% | 34 |
$401,000 - $450,000 | 3.80% | 40 |
$451,000 - $500,000 | 6.65% | 70 |
$501,000 - $750,000 | 6.94% | 73 |
$751,000 - $999,999 | 5.99% | 63 |
$1M - $1.5M | 4.94% | 52 |
$2M - $2.5M | 1.14% | 12 |
$3M+ | 1.05% | 11 |
| Total | 1052 |
Q15. What are the biggest challenges you face when building your wealth? (Select all that apply)
Answer Choices | Responses | |
Not earning enough income | 48.00% | 505 |
High cost of living | 66.06% | 695 |
Managing debt | 38.21% | 402 |
Lack of financial knowledge | 27.95% | 294 |
Unpredictable market conditions | 27.28% | 287 |
Inconsistent savings habits | 19.96% | 210 |
High taxes | 30.51% | 321 |
Balancing current expenses with future savings | 24.14% | 254 |
Limited investment options | 12.64% | 133 |
Poor financial planning/advice | 11.50% | 121 |
Managing finances with a partner | 11.03% | 116 |
| Total | 1052 |
Q16. How much of your paycheck do you save on average?
Answer Choices | Responses | |
less than 5% | 21.96% | 231 |
5-10% | 30.80% | 324 |
11-20% | 29.66% | 312 |
More than 20% | 17.59% | 185 |
| Total | 1052 |
Q17. How frequently do you invest your money?
Answer Choices | Responses | |
Monthly | 50.38% | 530 |
Quarterly | 22.24% | 234 |
Annually | 9.98% | 105 |
Rarely/Never | 17.40% | 183 |
| Total | 1052 |
Q18. What type of investment accounts do you have? (Select all that apply)
Answer Choices | Responses | |
401K | 64.54% | 679 |
IRA | 42.97% | 452 |
Index funds | 31.65% | 333 |
ETFs | 22.62% | 238 |
Individual stocks | 33.27% | 350 |
Other (please specify) | 9.32% | 98 |
| Total | 1052 |
Q19. How many different institutions do you have money with across investments, banking, savings, crypto, 401Ks, etc?
Answer Choices | Responses | |
1 | 13.40% | 141 |
2 | 18.35% | 193 |
3 | 21.01% | 221 |
4 | 14.92% | 157 |
5 | 11.79% | 124 |
6 | 4.94% | 52 |
7 | 3.80% | 40 |
8 | 2.66% | 28 |
9 | 3.14% | 33 |
10+ | 5.99% | 63 |
| Total | 1052 |
Q20. How aware are you of the fees associated with your investment accounts (e.g., assets under management (AUM) fees)?
Answer Choices | Responses | |
Very aware | 43.54% | 458 |
Somewhat aware | 43.44% | 457 |
Not aware | 13.02% | 137 |
| Total | 1052 |
Q21. If AI could help you budget, invest and manage your finances such that you’re on a path toward building long-term wealth, would you want to use it?
Answer Choices | Responses | |
Yes | 69.01% | 726 |
No | 30.99% | 326 |
| Total | 1052 |
Survey Methodology
Age
Answer Choices | Responses | |
< 18 | 0.00% | 0 |
18-29 | 25.38% | 267 |
30-44 | 32.13% | 338 |
45-60 | 33.17% | 349 |
> 60 | 9.32% | 98 |
Device Type
Answer Choices | Responses | |
iOS Phone / Tablet | 46.29% | 487 |
Android Phone / Tablet | 52.28% | 550 |
Other Phone / Tablet | 0.00% | 0 |
Windows Desktop / Laptop | 1.24% | 13 |
MacOS Desktop / Laptop | 0.19% | 2 |
Other | 0.00% | 0 |
Gender
Answer Choices | Responses | |
Male | 47.72% | 502 |
Female | 52.28% | 550 |
Non-binary | 0.00% | 0 |
A gender not listed here | 0.00% | 0 |
Prefer not to answer | 0.00% | 0 |
Household Income
Answer Choices | Responses | |
$0-$9,999 | 0.00% | 0 |
$10,000-$24,999 | 0.00% | 0 |
$25,000-$49,999 | 0.00% | 0 |
$50,000-$74,999 | 27.09% | 285 |
$75,000-$99,999 | 25.38% | 267 |
$100,000-$124,999 | 18.06% | 190 |
$125,000-$149,999 | 10.93% | 115 |
$150,000-$174,999 | 11.79% | 124 |
$175,000-$199,999 | 6.75% | 71 |
$200,000+ | 0.00% | 0 |
Prefer not to answer | 0.00% | 0 |
Region
Answer Choices | Responses | |
East North Central | 13.03% | 135 |
East South Central | 3.86% | 40 |
Middle Atlantic | 32.63% | 338 |
Mountain | 5.41% | 56 |
New England | 3.86% | 40 |
Pacific | 13.03% | 135 |
South Atlantic | 17.08% | 177 |
West North Central | 3.67% | 38 |
West South Central | 7.43% | 77 |