SAN FRANCISCO—A new survey of nearly 4,000 people found that 84% of respondents said they would give up social media for a year, compared with just 16% who would be willing to forgo banking apps, underscoring the growing importance of digital financial tools in daily life.
The finding reflects a shift in priorities driven by economic uncertainty and changing financial habits, according to Wells Fargo, which conducted the survey.
“It’s a reality check,” Emily Irwin, head of private wealth planning at Wells Fargo, told Axios in an interview. “It grounds individuals in where they are and where they want to go.”
Irwin told Axios she was “stunned” by the results, noting they reflect a broader trend of Americans becoming more intentional about their finances and monitoring them more frequently. Banking apps — including traditional accounts, investment platforms such as Robinhood, and credit card services — are increasingly serving as a “safety blanket” for consumers navigating higher costs and financial uncertainty, Wells Fargo said.
‘Major Shifts’
The survey found that 95% of respondents said they had changed how they manage their money over the past year, with 56% reporting major shifts.
Among the most common changes:
- 73% said they are actively seeking discounts.
- 67% reported delaying purchases or payments.
- 47% said they are increasing contributions to savings and investments, up from 37% in 2024 and 38% in 2025.
Growing Role of AI
The report also highlighted the growing role of artificial intelligence in personal finance, marking the first year Wells Fargo tracked the trend. About one in five adults — and nearly four in 10 members of Generation Z — said they are using AI tools for financial advice.
Among those users, roughly two-thirds said they had acted on AI-generated recommendations, with most reporting positive outcomes, Wells Fargo reported.
Irwin cautioned, however, that rapid adoption of AI tools may outpace consumers’ financial knowledge.
“People are often using these tools without fully understanding the implications and may be hoping for a quick fix,” she told Axios.
