The most recent financial mobility survey results from Cleveland-based KeyBank, which operates 19 branches in 15 Michigan cities, shows two-thirds of Americans believe an enjoyable job is preferable to a higher salary.
The KeyBank 2024 Financial Mobility Survey, states 66 percent of Americans would rather work a job they love with a lower paying salary than work a job they hate with a higher paying salary (34 percent).
Simultaneously, a quarter of Americans say they’re spending more and saving less, up from years prior (15 percent in 2022 and 13 percent in 2021), and 60 percent believe the country is in or will soon be in a recession — pointing to an environment in which Americans are prioritizing happiness while bracing for economic challenges.
Nearly one third (30 percent) of survey respondents say they feel daily financial stress related to the cost of living in America, and more than half (59 percent) are cutting back on nonessential items due to the increasing cost of living.
And more people would rather share their recent Google search history (57 percent) than their monthly credit card statement (43 percent).
Still, when asked what “Thriving in America” means to them, 42 percent chose work life balance. The survey polled more than 1,000 Americans on their financial condition, life, work-related priorities, and outlook after a year of market volatility and uncertainty.
“We all want to feel fulfilled, and our survey shows that Americans are prioritizing their happiness and personal life over money — but facing inflation, societal shifts, and economic uncertainty, many remain concerned about their financial futures,” says Daniel Brown, executive vice president and director, consumer product management at KeyBank. “As the everyday cost of living increases, many of us will have to make critical lifestyle and financial decisions in the year ahead for not only ourselves, but also our households.”
As Americans focus on their personal well-being, many are in favor of a “soft-life culture” that defines success based on happiness, contentment, and fulfillment vs. “hustle culture,” which defines success based on wealth, status, and achievement (36 percent and 28 percent, respectively).
Yet, 56 percent of Gen Z respondents say they currently identify most with a hustle culture. — highlighting a generational gap in experiences and priorities.
Survey highlights include:
- Work-life balance is increasingly important. Continuing a trend seen year over year, more Americans say they value work-life balance (63 percent) over a high-paying salary (27 percent), compared to 57 percent and 33 percent respectively in 2022.
- Half (51 percent) of Americans have pulled more money from their savings this year than before. More than three in four (77 percent) of respondents across all generations believe the cost of living in America has gotten worse, with Boomers leading that feeling (92 percent).
- Millennials and Gen Xers are more likely to anticipate a recession in 2024. Of respondents that expect to be in a recession in the next 12 months, more than half (57 percent) are Millennials or Gen X.
- Women (35 percent) are more likely than men (24 percent) to feel financial stress related to the cost of living in American on a daily basis.
- Americans are making financial changes to achieve the dream of homeownership. Of those who are in the market for a home, the top step taken to save money for a home is to put away money in a dedicated savings account (43 percent). Still, 29 percent of Americans do not own a home and do not plan on purchasing one in the next 12 months. Of those respondents, only one in 10 indicate that home ownership is very attainable.
In other news, KeyBank has placed $50 million in deposits with six Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), including First Independence Bank in Detroit.
Of the six banks in question, four are Black-owned banks or managed banks and two banks serving Alaskan Native and Native American communities.
As a founding member of the Economic Opportunity Coalition, KeyBank is working to place deposits with urban and rural community lending institutions to further enhance their ability to serve historically under-resourced communities.
This effort is one of many that further KeyBank’s larger purpose of helping clients and communities thrive.
“Our country’s CDFIs and MDIs are vital to providing economic opportunity in underserved and low-income communities,” says Chris Gorman, chairman and CEO of KeyBank. “Our support of the CDFIs and MDIs is part of our ongoing commitment to address social justice and racial equity in the communities we so proudly serve.”
