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U.S. Bank Launches Inaugural U.S. Bank Possibility Index, Measuring Americans’ Satisfaction at Work, Home and Play

USB | September 19, 2016

U.S. Bank Launches Inaugural U.S. Bank Possibility Index, Measuring Americans’ Satisfaction at Work, Home and Play

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.