Cushion: Financial fears
OnePoll research for fintech company Cushion.ai found approximately half of Americans aren’t sure how much money is in their bank account at any given moment and it’s because they’re too afraid to find out.
The online study asked 2,000 American adults about their attitudes to financial management:
– 55% admitted that fear keeps them from monitoring their bank account as regularly as they should.
– Three in five often feel an intense anxiety spike just before they do check, and for a similar number of people, living through the COVID-19 pandemic has made that moment feel even worse than it did previously.
– Despite this, the average respondent checks their account balance four times a week, or over 200 times in a year.
– Almost one third frequently experience “close calls” where they didn’t know if they’d have the right amount to pay a scheduled expense in time. 38% of close-callers admit that it often ends in overdraft fees for them.
Working with our earned media partner, 72Point Inc, the “Financial Fears” survey story secured 80 pieces of earned media coverage for Cushion.ai – with over 11 million estimated coverage views across high-ranking national and regional news and finance sites.
A quote from Cushion’s CEO was included in key coverage: “Reducing waste is one of the most effective ways to improve your financial situation,” says Paul Kesserwani, founder and CEO of Cushion. “So if you overpay for your electricity or get hit with an overdraft fee, you can do something about it. People tend to shy away from negotiating bills and fees because it can be time-consuming and exhausting. As a result, they leave money on the table. Most things are negotiable. Banks, retailers, and billers would rather give you money back than lose you as a customer altogether.”
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