Exclusive: Americans pick bank apps over social media, Wells Fargo survey shows
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Illustration: Aïda Amer/Axios
American adults are spending less time scrolling — and more time managing their money, according to a Wells Fargo survey shared first with Axios.
Why it matters: Money management is becoming more central to daily life than social media — and Americans are actively reshaping how they spend, save and get financial advice, based on a survey of nearly 4,000 people.
Driving the news: 84% of those surveyed, the vast majority of them adults, say they'd give up social media for a year vs. just 16% who'd ditch banking apps, the survey found.
- "It's a reality check," Emily Irwin, head of private wealth planning at Wells Fargo, tells Axios. "It grounds individuals in where they are and where they want to go."
What they're saying: The finding "stunned" Irwin, who said it reflects how Americans are becoming more intentional about their finances and checking in more frequently.
- Bank apps — including traditional banking, investment platforms like Robinhood, and credit card accounts — have become a kind of "safety blanket" as people cope with higher costs and financial uncertainty.
By the numbers: 95% of the people surveyed over November and December said they changed how they manage money in the past year; 56% made major shifts.
- 73% are hunting for discounts; 67% are delaying purchases or payments.
- 47% say they're putting more into savings and investments — up from 37% in 2024 and 38% in 2025.
Zoom in: AI is shaping decisions — and this is the first year the Wells Fargo study tracked it.
- One in five adults — and nearly 4 in 10 Gen Zers — are using AI for financial advice.
- Two-thirds of those users have acted on AI-generated suggestions — and most say it paid off.
- Irwin said the rapid adoption isn't surprising given how quickly AI has taken off — but warned people often use it without enough financial knowledge and "hope for a quick fix."
What's next: More Americans are experimenting with new tools and strategies — a shift that could reshape how people interact with banks, apps and financial advice.
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