Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Cris Faga/NurPhoto via Getty Images
In an era of financial-services innovation, money remains one of the great stressors in our lives.
By the numbers: 5% of Americans with checking accounts rack up more than 50% of all the country's overdraft and bounced-check fees. It's a $35 billion income stream for the banks, even after Dodd-Frank. Needless to say, those 5% of Americans are precisely the people who can least afford to pay dozens of fees per year at an average cost of $35 apiece.
According to a new report from Nonfiction:
- 41% of Americans who earn over $200,000 a year have cried because they didn’t have enough money.
- In an age of social media, almost everybody feels status anxiety — the pressure to present to the world a false view of how effortless and carefree their lives are.
- The result is costly embarrassment. One respondent gave up a job opportunity rather than admit that they needed help with the bus fare to get to the interview.
- We're desperate for help with knowing if we're being paid fairly. For example, 70% of women feel that they are not paid what they deserve, but have no access to salary evaluation services.
- We also need help with budgeting and saving.
The financial-services industry does a dreadful job of addressing these problems, and the problems are getting worse.
- Millennials are 40% more likely to overdraw their checking accounts if they use mobile payments, according to a new financial literacy report from the TIAA Institute.
- Mobile payment users were also more likely to make withdrawals from their retirement savings accounts and engage in high-cost borrowing activity.
- Existing budgeting tools don't help. Millennials who use their mobile devices to track their spending are 25% more likely to overdraw their checking account.