Consumers Continue to Navigate Persistent Inflation by Changing Life Plans; Say They Want to Learn New Money Behaviors, According to Second Annual Wells Fargo Money Study
- Ninety percent of Americans report that they are still surprised by high prices of items like water, gas, eating out and attending events
- Fifty-five percent saying they have delayed some of their life plans to navigate economic conditions over the past year
- Eighty-three percent want to learn new ways of thinking about money and dealing with their money

Wells Fargo Money Study (Graphic: Wells Fargo)
For adults in the first half of their financial lives, these numbers are even higher, with
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“Consumer behaviors are shifting. The value of the dollar and what it is providing may not be as predictable anymore, which seems to be more pronounced for younger Americans,” said Michael Liersch, head of Advice and Planning at Wells Fargo. “There is a clear social narrative surrounding the question: ‘do I, and will I, have enough?’ The fact that these questions are being asked is positive because we know the earlier that people focus on their spending, saving, and investing behaviors, the more time they have to course correct to achieve their financial goals.”
At the forefront, consumers continue to navigate higher than expected prices
Nearly all those surveyed (
Sticker Shock in Six Areas of Consumer Spending |
% Shocked |
Expected Cost |
Actual
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How Much Higher than Expected |
Eating out or food delivery |
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A tank of gas |
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Concert or sporting event tickets |
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A bottle of water |
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A greeting or birthday card |
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A video game download or streaming service |
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“Spending is one of the most important factors to staying on track with your goals,” says Liersch. “I would encourage people to continue to evaluate their financial choices and align their spending with what matters most to them. Life happens and making incremental progress toward a goal and adjusting timelines along the way – including setbacks – are all a part of the process. Staying focused on what we want to accomplish can get us through the twists and turns of our financial journey.”
Nearly all Americans (
According to Liersch, “these insights highlight that Americans are not just winging it. They are being extraordinarily introspective and thoughtful as they navigate their financial priorities and work toward achieving their financial goals.”
Americans say they don’t judge others’ financial circumstances, but they do judge themselves
Americans overwhelmingly say they believe the amount of money their friends or family members have doesn’t matter. Almost nine out of 10 (
Yet more than half (
Reasons People Keep Money Secrets |
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Money is a private topic for me |
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So that people do not judge me |
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The truth might result in people asking for money |
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The truth might change how others see me |
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The truth might change my interactions with people and what we do together |
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A substantial number of those surveyed also spend time thinking about how much money other people have – and wishing they could have more themselves. Almost half (
“Americans appear comfortable with other people being authentic about their financial situation, which is encouraging to see,” Liersch says. “So now it’s time to look inwardly and overcome our own self-judgment. Let’s challenge ourselves with the following question: how can we lower focus on others and define financial success on our own terms? Resetting the frame of reference from others to our own personal benchmark may help us better spend time and energy on our best next step.”
Americans have clear financial goals, and want help to overcome challenges
Eighty-six percent of respondents say they have a clear picture of what they want their money to do for them. And the vast majority are optimistic about how to do it:
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Habits are not easy to change (
48% ) -
They focus on today rather than tomorrow (
43% ) -
They do not know enough about money and finance (
32% ) -
They have a lot of others relying on them financially (
29% ) -
They feel social and peer pressure (
15% )
To overcome these challenges in making progress to their goals, Americans are seeking more financial advice year over year. Last year,
“Younger generations are innovating and leading the way in so many areas. In this case they are leading in the desire to learn more about money and make informed financial decisions. And Americans are saying: Now is the time,” said Liersch.
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About the Study
On behalf of Wells Fargo, Versta Research conducted a national survey of 3,657
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Vince Scanlon 336-430-9786
Vince.scanlon@wellsfargo.com
Source: Wells Fargo & Company