Market Overview

Dave "2020 Financial Optimism Study" Finds 67% of Americans Are Optimistic About Their Ability to Meet Financial Goals, But Election Introduces Uncertainty

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Today, challenger bank Dave released the results of its "2020 Financial Optimism Study," the first in a series of studies that look at the average American's financial attitudes and challenges.

Six months after the COVID-19 pandemic began disrupting Americans' work and personal lives, the study found that while 2020 has been financially challenging, the majority of Americans are still optimistic about their ability to meet their financial goals over the next four years. However, most Americans also see the presidential election as cause for concern and many consider building emergency savings a top priority.

  • Two in three Americans (67%) are optimistic about their ability to meet their financial goals over the next four years.
  • Sixty-one percent (61%) say that the outcome of the presidential election will make them less optimistic about their ability to reach those financial goals.
  • Building emergency savings is a top financial goal over the next four years for 44% of Americans.

These results are based on an anonymous survey conducted by SurveyMonkey and commissioned by Dave in October 2020 using SurveyMonkey's nationally representative online research panel. The sample population consisted of 2,050 Americans between the ages of 18-55, earning under $100,000 in income each year.

The survey also quantifies the financial challenges Americans are facing during the COVID-19 pandemic.

  • More than a third (36%) of average Americans have lost their job or experienced someone in their household losing a job as a result of the pandemic.
  • One in 10 (10%) millennial women (aged 24-39) lost income to assist a child with remote learning, compared to 6% of millennial men.

"At Dave, we recognize that many Americans are feeling uncertain about what the immediate future holds and how it will impact their financial stability," said Jason Wilk, Co-founder and CEO of Dave. "We are committed to gaining a comprehensive understanding of the financial pain points experienced by average Americans across the country and this series of studies is a crucial part of that. Our goal is to help people build a better future for themselves and their families."

Concerns about COVID-19 are causing more people to embrace digital banking, the survey found.

Nearly one in five (18%) millennials reported opening a digital bank account to avoid visiting a bank branch.

Two in five (40%) average Americans used contactless payments to avoid touching cash.

Launched in 2017, Dave helps its more than seven million customers budget, avoid overdraft fees, find work and build credit through its banking app. To date, Dave has helped its customers avoid hundreds of millions in overdraft fees and earn more than $100MM through its job-finding feature, Side Hustle.

About Dave

Dave is a challenger bank on a mission to create financial opportunity that advances America's collective potential. Dave helps its more than seven million customers budget, avoid overdraft fees, find work and build credit. For more information, visit www.dave.com.

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