Varo Bank's 2023 Wealth Watch Insights Report
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2023 is drawing to a close, and we’ve got financial insights hot off the press.
This year we’ve teamed up with Morning Consult and Thrive Financial Empowerment services to survey over 1,000 Americans living paycheck to paycheck…the result is our Wealth Watch Insights Report.
And if there's one thing we've learned about the state of financial inclusion in 2023, it's that we've still got a lot of strides to make - and Varo's more determined than ever to our mission of bringing financial tools to everyday Americans!
For the full survey results, click here to download the PDF.
Here are some of our major takeaways of the survey:
1. Women are significantly more likely than men to be living paycheck to paycheck
The gap is still there. And we need to do more to close it. Among survey respondents, a full two-thirds (67%) of those considered "financially fragile" were women.
2. Nearly half are sacrificing basic needs due to financial stress
For over 48% of respondents, basic needs like doctor's visits, necessary medications, mental health care, healthy food, and safe housing have been skipped in the last 6 months due to cost.
3. Trust in the financial system is low
More than two-thirds (68%) said that "You can't be too careful" when dealing with typical financial institutions. And even more (74%) agree that "The U.S. financial system is rigged against the poor." That's not a great look.
4. The problem exists across the political spectrum
Financial struggles cross party lines in a major way. Our survey responses did not show a meaningful difference in financial fragility between political parties - people in all parties were inclined to cite the daily cost of living as their greatest financial concern.
5. Social support matters more than money
Whoever said "money can't buy happiness" was on to something...Our survey showed that those with low social support scores and high income scores were worse off emotionally than those with low income scores but high social scores.
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.
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