U.S. Bank Launches Inaugural U.S. Bank Possibility Index, Measuring Americans’ Satisfaction at Work, Home and Play
September 19 2016 - 8:20AM
Business Wire
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
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 among Americans.
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 children’s education.
Curbing Play
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160919005756/en/
U.S. Bank Corporate CommunicationsDana Ripley,
612-303-3167dana.ripley@usbank.com
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