Varo Bank's 2024 Wealth Watch Survey Insights Report

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We’re always looking for new ways to help everyday Americans manage their finances, and we’ve teamed up with Morning Consult to learn even more about the financial issues facing Americans in 2024.

These results are a follow-up to our 2023 Wealth Watch Insights Report, and they add to the conversation around how we at Varo are aiming to bring financial inclusion to all.

For the full survey results, click here to download the PDF.

Here are some major takeaways from the survey:

1. Inflation is causing many Americans to increase their credit card usage

Nearly two thirds of respondents (65%) said that inflated everyday expenses (groceries, utilities, etc.) were causing them to increase credit card usage, while 55% said that increasing costs of living (rent, transportation, etc.) were causing them to use their credit cards more.

2. Women reported feeling financial stress at a higher rate than men

Nearly across the board, women who responded to the survey said they were feeling financially strained. 36% of women reported feeling uncomfortable in their current financial situation, while only 23% of men said the same.

3. The vast majority of American adults wish they had access to credit that’s fairly priced

A full 69% of survey respondents say they want access to fair-priced credit, and 38% said that credit scores don’t accurately show their personal financial picture.

4. 2 out of every 5 say they plan to use their tax refund to pay off debts

While 55% of survey respondents expect to receive a tax refund this year, 42% plan to use it to pay off debts and only 34% plan to save it for future expenses.

At Varo, we're staying committed to helping everyday Americans build strong credit, earn high interest on their savings, and providing banking services with no hidden fees. And we don't plan on stopping there.

There's a lot more to unpack in this year's survey. To dig in, check out the full survey PDF here.