Conrad Siegel’s Financial Wellness Report | 2024

Financial wellness can take on different meanings depending on an individual’s perspective and circumstances. At Conrad Siegel, curiosity drives much of our work. We wanted to better understand how various financial decisions influence one’s confidence in managing their money. By conducting our 2024 Financial Wellness survey, we aimed to uncover the habits, challenges, and confidence levels of individuals when it comes to their financial wellness.

The data from over 400 respondents provides insight into how people are navigating their financial journey—from budgeting and planning to saving for retirement. Our findings highlight areas of strength, and areas where uncertainty still lingers.

Emerging Trends

A Gap in Confidence, Not Practice: While men and women engage in similar financial behaviors, the gap in
confidence between the two is notable. Women tend to report lower levels of confidence in managing their finances and reaching retirement goals, despite practicing many of the same financial habits as men.

Do I Have Enough for Retirement?: Although many respondents are actively saving for retirement, there remains significant hesitation about whether these efforts will be sufficient for a comfortable future.

Financial Stress and Productivity: Financial anxiety continues to impact respondents, with many feeling the effects of their financial situation on their productivity.

The Budgeting Gap: A considerable number of respondents lack a formal budget, highlighting the need for structured financial planning and simple budgeting.