Metrics and Mindsets: How Consumers Define and Measure Financial Wellness

Financial wellness is for everyone, but that does not mean that everyone views financial wellness the same way. MX’s latest research shows how people define and measure financial wellness. Here are some key takeaways for how different genders and generations view financial wellness:

Women Look at the Present as Men Focus on the Future

Our research shows that money is a greater source of stress and anxiety for women than men. Fifty-seven percent of women agree money is their main source of stress compared to 45% of men. What’s more, nearly twice as many women (22%) strongly agreed with this statement compared to men (12%). 

One possible explanation for this contrast is how women and men measure their financial wellness. Our research indicates men are more focused on forecasts of the future while women are concerned with the here and now. For instance, when asked about which metrics they use to measure their financial wellness, men have higher percentages across the board — more than double the amount of women — when it comes to investments and savings for the future.

Generations View Money Differently — and Have Different Priorities

Generations also think about financial wellness very differently. In defining financial wellness, Baby Boomers were the only generation that differed in its top definition. Thirty-eight percent of Baby Boomers define financial wellness as not having to worry about how to cover unexpected expenses. On the other hand, being able to pay my bills each month was the most common answer among the three younger generations (Gen Z 33%, Millennials 35%, and Gen X 30%).

In addition, when asked about their top financial goal for 2025, most Baby Boomers (23%) admit they don’t have one while top goals among other generations include saving for a new car (Gen Z), improving their credit score (Millennials), and saving for retirement (Gen X). 

Achieving Financial Wellness

It’s clear that there is no single way to define or measure financial wellness. Financial providers need to prioritize personalization to deliver the right tools and resources each consumer needs to reach their financial goals. 

This is only a small part of our latest insights into consumer trends and preferences. To learn more about what consumers want from their financial providers and how to leverage financial data to drive a better experience, check out the infographic below or read our full consumer research report.