N26 Press Releases

Back to Press Releases

N26 Finds Only 27 Percent of People Globally Feel ‘In Control’ of Their Finances

‘Big Banking Chat’ Highlights New Data on Consumers’ Attitudes Towards Banking and the Biggest Financial Concerns across Europe and the U.S.

New York - N26, the mobile banking platform that is changing the way American consumers bank, today announced survey results from its larger “Big Banking Chat” global initiative that reveal surprising findings on consumers’ current attitudes towards banking, their biggest financial concerns, and insights into people’s overall understanding and sentiment toward managing their finances. The survey, which captured data from over 10,000 adults across Europe and the U.S., also highlights important topics including long-term savings goals, the shift in consumers’ spending habits, and how people’s financial lives are being impacted by the Coronavirus pandemic.

The Big Banking Chat initiative, aims to engage people in one of the world’s biggest online banking discussions. It will explore how financial trends uniquely differ across the globe, but also the universal worry people are feeling right now as their financial lives have become significantly impacted by the pandemic. The global survey found that money concerns have become one of the biggest worries for people after health and in the U.S. specifically, almost 75% of Americans negatively describe their feelings towards their finances.

Additional key takeaways from the survey include:


How have spending habits changed recently? Since the onset of the Coronavirus, spending of disposable income has changed for 78% of Americans. Globally, spending of disposable income has dropped, apart from grocery shopping which has increased (63% to 65%) and subscription / streaming services which has stayed the same. The biggest decreases in spending were for meals out (48% to 12%) and outdoor entertainment (35% to 7%).

Savings during social distancing: Americans are saving an average of almost $220 a month compared to €177 ($192) in Europe due to the introduction of social distancing and isolation measures. Globally, however, 34% of respondents indicated they haven’t saved any money during self-isolation.

Thinking long term: Over half (54%) of respondents globally have long-term savings goals, with Portugal and the U.S. having the highest percentage (63%). Americans’ leading reason for saving money long term is for retirement (49%), compared to other countries whose number one reason is a rainy day fund (36%).

Safety and the future of spending: When thinking about the spread of Coronavirus and the fact that the virus can cling onto surfaces, including physical cash, two-thirds (66%) of global consumers are planning to opt for contactless payment over cash moving forward. People in Ireland and Spain (75%) plan to do this the most.


Financial understanding: Globally, 45% of people are confident in explaining a credit rating or credit score. However, 78% are confident explaining what a ‘bank statement’ is to others.

True feelings about finance: In the U.S., almost 75% of Americans selected a negative phrase to describe their feelings towards their finances, with almost half (46%) saying they’re ‘worried’ when they think about their finances, and 39% stating that they are ‘nervous’.

“We found that there is a lot of confusion, frustration and anxiety around personal finances and that people are looking for more simplicity, transparency and trust when it comes to banking” said Nicolas Kopp, U.S. CEO of N26. “Our mission has always been to make banking simple and easy, and we are committed to supporting people by providing them with the tools they need in these uncertain times. A great example of this is our Apple Pay integration as our survey found that over 60% of people are planning to opt for contactless payments due to COVID19.”

To learn more about the Big Banking Chat initiative and to check out additional resources, visit here https://n26.com/en-us/big-banking-chat. You’ll find additional details about the survey and additional content on “Personas,” descriptive character profiles representing each type of person during the different finance stages of their lives. The personas also include tips and resources on how to best deal with your finances depending on personality traits.

You can join the conversation with #bigbankingchat.


Source: The findings are based on a survey by Sapio commissioned by N26, of 10,000 adults across Europe and the US. The poll was conducted in April 2020.

N26 Press Contact Krystina Puleo

About N26

N26 GmbH (“N26”) is building the first mobile banking platform the world loves to use. Valentin Stalf and Maximilian Tayenthal founded N26 in 2013 and launched the initial product in early 2015. Today N26 has more than 5 million customers in 25 markets. The company employs more than 1,500 employees across 5 office locations: Berlin, New York, Barcelona, Vienna and São Paulo. With a full European banking license, state-of-the-art technology and no branch network, N26 has redesigned banking for the 21st century and is available on Android, iOS and desktop. N26 has raised close to $800 million from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the U.S., where it operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the U.S. are offered by N26 Inc. in partnership with Axos Bank®, Member FDIC. For more information about N26, please visit n26.com.

About Axos Bank

Axos Bank is a federally-chartered nationwide U.S. savings association that provides consumer and business banking products through its low-cost distribution channels and affinity partners. With approximately $11 billion in assets, Axos Bank provides financing for single and multi-family residential properties, small, medium and large businesses in target sectors, and selected specialty finance receivables. Axos Bank is a wholly-owned subsidiary of Axos Financial, Inc., a financial services holding company listed on the NYSE under the symbol “AX” and a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information about Axos Bank, please visit axosbank.com.

*Faster funding claim is based on a comparison of our policy of making funds available upon receipt of payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor’s support of direct deposit and is subject to the timing of payor’s payment instruction. Accounts offered through N26 are established and maintained by Axos Bank, Member FDIC. N26 Inc. is not a U.S. bank and is a service provider of Axos Bank. All deposit accounts held in the same ownership capacity at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held in the same ownership capacity at Axos Bank.