Americans scored an overall 65 out of a possible 100, indicating a
positive outlook on overall life satisfaction
U.S. Bank Possibility Index is designed to help Americans have
everyday conversations about important personal finance matters
MINNEAPOLIS–(BUSINESS WIRE)–U.S. Bank (NYSE: USB), the fifth-largest commercial bank in the United
States, today announced the launch of the U.S.
Bank Possibility Index, a measure of where Americans are
thriving and what is holding them back from realizing their personal
satisfaction across work, home and play.
“Americans spend the majority of their time in three main areas of life
– work, home and at play,” said Gareth Gaston, Executive Vice President
of Omnichannel Banking at U.S. Bank. “Knowing this, we wanted to better
understand how well they are achieving their goals in these three areas
– where are they thriving, where are they falling short and what is
holding them back. By better understanding the key opportunities and
challenges facing Americans, we can develop the right tools and
resources to help individuals and families along the way.”
Americans scored an overall 65 out of a possible 100 in the inaugural
U.S. Bank Possibility Index, indicating a slightly positive outlook on
their ability to achieve their goals. More than 21 percent, however, are
struggling with their overall life satisfaction. There does appear to be
a silver lining, as 65 percent of Americans said they are optimistic
about changes in the coming year.
Financial Stress is the Common Denominator
The U.S. Bank Possibility Index shows that financial stress is a central
factor in individual levels of satisfaction across work, home and play.
In fact, more than half of Americans (52%) are concerned with finances
in general and 49 percent are specifically concerned about paying off
debt – 58 percent among Millennials and Gen Xers.
The research also discovered that nearly half of Americans (47%) are
concerned about simply paying the bills and 55 percent are worried about
saving for the unexpected. Yet people remain optimistic; when asked to
project ahead five years, over half of Americans (57%) expressed
confidence that they would be able to pay their bills on time. This rang
especially true among Millennials who are overwhelmingly optimistic
about their future (76%) despite being extremely concerned about their
current finances (64%). In fact, just 37 percent feel confident in their
ability to save for a home and a mere 14 percent reported that they were
on track to meet their retirement goals.
Gaston said: “Financial stress is a normal part of everyday life and it
can really prevent Americans from fully enjoying life. The most
important step Americans can take is identifying the sources of stress.
Too often Americans avoid their core financial issues, which only leads
to more stress. At U.S. Bank, we want to initiate conversations that
lead to greater understanding, and ultimately, more life satisfaction.”
It’s Not What You Earn, but How You Manage
It’s important to note that income was not the key factor in determining
overall satisfaction scores. The U.S. Bank Possibility Index, which
includes overviews of low-, mid- and high-Index performers, found that
most of the respondents with the highest U.S. Bank Possibility Index
scores (average score of 82), did not fall into the highest $75,000+
salary bracket. Furthermore, nearly three in 10 respondents with low
index scores (average score of 47), reported higher incomes, providing a
key takeaway for all Americans: it’s not the amount of money people are
making, but how they are managing their income that has the greatest
impact on achieving higher levels of satisfaction.
“Our index shows that money management is critical in helping people
achieve their goals and increase their happiness across all aspects of
life,” said Gaston. “An annual salary increase or promotion does not
necessarily translate to more satisfaction, especially if individuals
are using those increases to pay off debt instead of saving for college,
retirement or taking vacations.”
Struggling at Work
The Index showed that more than half of Americans feel good about their
current work lives (53%), but only 35 percent feel more satisfied than
they did last year. Workplace factors that do not involve finances –
manageable commute (71%), office friendships (63%) and senior
relationships (63%) – provide the most widespread satisfaction levels
Succeeding at Home
Nearly four in five Americans (79%) say they are happy at home – the
highest level across all three categories – and more than two-thirds
(67%) are excited about the coming year. However, primary concerns come
from financial pressures related to paying bills and saving for their
Financial concerns played the largest role in curbing satisfaction
across the play category with nearly three in five Americans (57%)
stating that their financial situation prevents them from fully enjoying
their time away from home or the office.
The U.S. Bank Possibility Index infographics can be found here.
The Index profiles income and age and offers a deeper look into the key
factors impacting satisfaction across work, home and play for high, mid
and low level index performers. U.S. Bank will be issuing the
Possibility Index annually, to better understand how individuals are
refocusing priorities and what tools and resources U.S. Bank can offer
to help Americans achieve their possible.
About the U.S. Bank Possibility Index
The U.S. Bank Possibility Index Survey was conducted by Kelton Global
between March 29 and April 4, 2016 among a nationally representative
sample of 2001 Americans ages 18+. Quotas are set to ensure a reliable
representation of the U.S. population 18 and over. Results of any sample
are subject to sampling variation. The margin of error in this report is
+/- 2.2 percentage points.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in assets
as of June 30, 2016, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,122 banking offices in 25 states and 4,923 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank Corporate Communications
Dana Ripley, 612-303-3167