Big banking chat.

The Big Banking Chat—we’re all worried about money

We asked 10,000 people across the US and Europe about how their finances made them feel. Here’s what they told us.

2 min read

Money should be the solution to our problems. It’s what gives us a roof over our heads, feeds our families and buys us rewards when we need them. But for many dealing with their finances these days, the reality is very different—it’s a constant cause of stress and anxiety.

To kickstart the Big Banking Chat, we asked 10,000 consumers across Europe and the US about how they felt about their personal finances. The results were staggering. Almost half (49 percent) of all consumers say they are worried about their finances—a stark contrast to just 27 percent of people who say they feel in control. And it turns out that we’re not just worried—we’re nervous, feeling under pressure and very confused. For some, it’s even worse and 15 percent of people we surveyed said they felt overwhelmed by their financial situation.

Money concerns are reflected in our broader life approach

In every country, it appears that a majority of people associated negative emotions with their money—particularly in Germany (84 percent), Spain (82 percent) and Italy (78 percent). Whatever your gender, we’re clearly all feeling the strain.

Banking basics

Banking jargon can be confusing—but it doesn't have to be. Find simple explanations to popular banking terms.
Learn the basics
Banking basics.

These money worries are reflected by our broader approach to life—39 percent of us say we’re risk-averse, while 34 percent say they’re happy to take them. This desire to play it safe is an understandable consequence of our financial worries, but also means we’re not pushing ourselves to think differently. It’s why so many people decide to stick with their current bank, even if it’s not the best choice for their financial situation.

The on-going struggle to plan for the future

It’s also clear that worrying about money is preventing many of us from planning for the future and when we do, it’s to prepare for the worst. Just over half of consumers say they have long-term savings goals, and of that half, 36 percent say they are putting pennies away for a rainy day. That’s more people than those that are saving up for retirement or their first home, or stashing away money for their children.

With all that being said, it really doesn’t have to be that way. If people aren’t able to plan for the future, we’ll never feel in control of our finances and these negative emotions continue to cloud over us. This is why we started the Big Banking Chat—to give people the knowledge and confidence to understand how their finances work, but to also provide them with the tools they need to make banking work for them.

Ready to make a change? Check out our tips on how to give yourself a financial health check without leaving the house.

The bank you'll love

✓ 100% mobile ✓ No hidden fees ✓ No paperwork ✓ Free virtual Mastercard ✓ Free ATM withdrawals
Get started (new tab)
An elevated hand holding a transparent N26 Standard card.

Source: The representative survey was carried out by the London survey institute Sapio on behalf of N26. In April 2020, 10,106 adults in Europe and the USA were surveyed.

Find similar stories

By N26

Love your bank

Related posts

These might also interest you
Smartphone, calculator, papers, and cookies on a table.

Investment for beginners: what is investing and how to easily get started

From purchasing real estate to buying stocks, investing is the key to a secure and stable financial future. In this guide, learn what investing is and what you need to know to get started.

Brendan Walsh - Portfolio manager, writer and investor.

Trading vs. Investing: Understanding the Key Differences

Trading and investing — what’s the difference? And what might be best for you? Brendan Walsh, a veteran investor, digs into the details and gives his expert opinion.

Illustration of a woman using her mobile and 3 coins coming out of it.

How to transfer money from one bank to another

SEPA, intra-bank, and inter-bank transfers. Not sure what all this banking jargon actually means? Discover how to best move your money around, explained in simple terms.