Survey Finds Americans Prefer Banking Apps Over Social Media, Says Wells Fargo

A Wells Fargo survey of more than 3,700 U.S. adults reveals growing financial anxiety. Most respondents report changing how, where, and what they buy.

Study highlights

About 86% of those surveyed said they altered their purchasing habits. Two-thirds reported delaying spending or payments.

Respondents said taking control of finances improved their outlook. Emily Irwin, head of private wealth planning at Wells Fargo, discussed those trends with Filmogaz.com.

Preference for banking apps

The survey showed a strong attachment to banking apps. Roughly 84% said they would rather give up social media for a year than lose access to banking apps.

Only about 16% were willing to forgo apps from Robinhood, NerdWallet, or traditional financial institutions. The results indicate many Americans prefer banking apps over social media tools.

Social media, AI and Gen Z

Gen Z leans on social platforms for money choices. The study found 44% of Gen Z rely on YouTube videos for financial guidance.

Another 34% of Gen Z turn to Instagram or TikTok for money-related content. These platforms are shaping short-term financial decisions.

Nearly one-fifth of adults said they used AI for financial advice in the past year. Twice as many Gen Z respondents reported using AI.

How people use AI

Among AI users, about 80% used it for financial education. Three-fourths asked AI for broader financial strategy.

Two-thirds of those who received AI recommendations acted on the advice. Of that group, 90% described the guidance as profitable or worthwhile.

Irwin noted AI can educate and clarify complicated topics. She urged caution before implementing AI-generated strategies.

Practical takeaways

The survey signals a shift toward intentional money management. People prioritize tools that help them feel in control.

Experts recommend checking AI suggestions with a professional. Confirming alternative paths can help ensure long-term outcomes.