Redefining Financial Success in a Period of Economic and Cultural Change
The 2026 Money Study from Wells Fargo provides a detailed snapshot of how Americans are reshaping their ideas about money, success, and long-term financial stability. The research reveals a population in transition—one that is reevaluating traditional definitions of the American Dream while experimenting with new tools, income strategies, and financial habits. Consumers are becoming more intentional, more cautious, and more open to alternative approaches as they navigate economic uncertainty, rising costs, and shifting career expectations. The study highlights growing enthusiasm for entrepreneurship, a surge in the use of artificial intelligence for financial learning, and a widening reliance on family support systems—especially among younger adults.
Entrepreneurship as a New Definition of the American Dream
One of the most striking findings in the study is the dramatic shift in how Americans define success. Rather than focusing solely on homeownership, corporate careers, or retirement milestones, a majority of Americans now view business ownership as a central pillar of the American Dream. Across all adult respondents, 61% believe owning a business is a defining component of achieving financial success and independence. This sentiment is even stronger among younger generations, particularly Gen Z adults, where 69% agree with this view.
The aspiration to become entrepreneurs is not limited to those already running businesses. Among Gen Z adults who do not currently own a business, 74% say they hope to own one in the future. Millennials follow closely, with 58% expressing the same ambition. These numbers highlight a generational shift toward autonomy and self-direction in financial life. The study suggests that younger Americans increasingly view entrepreneurship as a way to gain control over their destiny rather than relying solely on traditional employment pathways.
Motivations for this shift are deeply rooted in a desire for independence. Eighty percent of Gen Z adults and 67% of Millennials say owning a business would allow them to control their own future. Current business owners strongly validate this belief—96% say entrepreneurship has indeed given them greater control over their professional and financial lives.
However, the path to independence is not without sacrifices. Eighty-six percent of business owners report that running their business required significant personal financial trade-offs. Nearly two-thirds say they used personal savings, credit, or home equity to fund their ventures. This highlights the risk-reward balance that accompanies entrepreneurial pursuits and underscores the importance of preparation and financial resilience.
Financial Pressures Facing Gen Z Adults
The study paints a detailed picture of the economic realities facing Gen Z adults as they enter the workforce and begin building their financial lives. Many young adults report feeling significant pressure and uncertainty about their financial futures. Nearly half—46%—describe their financial lives as “messy,” reflecting a sense of instability or lack of clarity about how to move forward.
This financial stress is affecting major life milestones. Many Gen Z adults report postponing relocation, marriage, career changes, and education decisions due to financial uncertainty. These delays signal a broader shift in the timing of traditional life events and highlight the growing complexity of financial independence for younger generations.
The financial challenges facing Gen Z do not exist in isolation. They extend deeply into family dynamics. Sixty-four percent of parents with Gen Z children between ages 18 and 28 say their children rely on them for financial support, whether through housing, direct financial assistance, or other forms of help. More than half of those parents—56%—say this support is putting strain on their own finances.
These findings reveal a new phase in intergenerational financial relationships. Parents are increasingly supporting adult children longer than previous generations, often while managing their own retirement planning and financial obligations. The study emphasizes that these evolving family dynamics are prompting difficult conversations about financial independence, responsibility, and long-term planning.
Nontraditional Sources of Financial Education
Another defining trend highlighted in the study is the growing reliance on digital and social platforms for financial education. Younger generations are turning away from traditional sources such as banks and financial advisors in favor of accessible online content.
Among Gen Z respondents, 44% say they rely on YouTube videos for financial information. Social media platforms such as Instagram and TikTok are used by 34% of respondents, while 25% turn to online communities and forums for financial insights. This shift signals a transformation in how financial knowledge is accessed and shared.
The rise of social and digital platforms as financial learning tools reflects broader changes in media consumption and trust. Younger consumers are drawn to content that is fast, relatable, and easily digestible. However, the reliance on these sources also raises questions about the accuracy and reliability of financial information obtained through social channels.
Artificial Intelligence Enters Personal Finance
Artificial intelligence is rapidly becoming a new tool in personal finance, and the study reveals growing adoption across the United States. Forty percent of Americans report experimenting with nontraditional approaches to managing money, including AI-driven tools and platforms.
Nineteen percent of U.S. adults say they have used AI in the past year for financial education or idea generation. Among Gen Z adults, the adoption rate nearly doubles to 38%, demonstrating a strong generational divide in technology use.
Consumers using AI report a wide range of applications. Many turn to AI to explore potential financial strategies, evaluate risks and rewards, and discover new ways to manage their money. Two-thirds of AI users say they have acted on AI-generated suggestions, and 90% of those individuals report the ideas were profitable or worthwhile.
This growing trust in AI highlights its potential as a powerful tool for financial awareness and decision-making. At the same time, the study emphasizes the importance of combining technology with traditional financial fundamentals and trusted guidance. AI may provide insights and ideas, but human judgment and long-term planning remain critical components of financial success.
Rising Commitment to Saving and Investing
Despite widespread financial concerns, the study offers encouraging signs of progress in saving and investing behavior. Nearly half of respondents—47%—say they have increased their contributions to savings and investments over the past year. This represents a notable improvement compared to previous years of the study.
This shift suggests that Americans are becoming more proactive about preparing for future financial needs. Increased savings may reflect heightened awareness of economic uncertainty, rising living costs, and the importance of emergency funds.
At the same time, the results show mixed outcomes in financial decision-making. Fifty-two percent of respondents say the financial actions they took over the past year are paying off. However, 33% admit they made poor financial decisions during the same period. These findings illustrate the learning curve many consumers face as they refine their money habits.
Greater Intentionality in Spending Habits
The study also reveals a widespread desire to become more mindful about spending. Ninety percent of Americans say they want to be more intentional and thoughtful about how they spend money. This represents a significant increase from 84% just two years earlier.
This shift toward intentional spending reflects broader cultural changes in how consumers approach consumption. Many are reevaluating discretionary spending, prioritizing long-term goals, and seeking better value in everyday purchases. The emphasis on intentionality suggests a growing awareness of the relationship between daily spending habits and long-term financial outcomes.
Employment Concerns and Emergency Preparedness
Job security remains a significant concern for many Americans. Seventeen percent of full-time employees worry about losing their jobs within the next year. Among Gen Z adults, this figure rises dramatically to 31%.
These concerns are shaping financial behavior. Half of Gen Z respondents say they are saving more money to cover expenses in case of job loss. Nearly 57% say they would run out of funds within three months if they lost their current job. These statistics highlight the fragile financial position of many young workers and the importance of emergency savings.
The Rise of Side Hustles and Additional Income Streams
To combat financial uncertainty and rising expenses, many Americans are turning to additional income sources. One-third of consumers—33%—say they have taken on extra jobs, freelance work, or side hustles during the past year.
This trend reflects the growing normalization of multiple income streams. Side hustles are no longer viewed solely as temporary solutions but as integral components of modern financial planning. For many, additional income provides both financial security and flexibility.
Heightened Awareness of Fraud and Financial Security
Concerns about financial fraud continue to grow. Seventy-seven percent of Americans worry about fraudsters gaining access to their money. As a result, 88% say they regularly review their financial statements and account activity.
This increased vigilance highlights the importance of cybersecurity and financial awareness in the digital age. As financial services become increasingly digital, consumers are taking a more active role in monitoring and protecting their accounts.
The Essential Role of Banking Apps
The study reveals a striking shift in digital priorities. When asked to choose between giving up social media apps or banking apps for a year, 84% of Americans said they would give up social media. Only 16% would give up banking apps.
This finding underscores the essential role digital banking now plays in everyday financial life. Banking apps have become central tools for managing accounts, tracking spending, transferring funds, and monitoring financial progress.
The Popularity of Rewards and Cash-Back Programs
Rewards programs remain a powerful motivator for consumers. Ninety percent of respondents say they enjoy participating in rewards programs, and 75% prefer cash-back rewards over other incentives.
These programs continue to influence spending behavior and consumer loyalty. The popularity of cash-back rewards highlights the appeal of immediate and tangible financial benefits.
Navigating Financial Life With New Tools and Strategies
The findings from the study illustrate a population actively experimenting with new strategies to manage money more effectively. Americans are blending traditional financial habits with modern tools and alternative income strategies. They are saving more, learning through digital platforms, exploring AI-driven insights, and relying on family support when necessary.
The results also highlight the evolving nature of financial success. Rather than following a single traditional path, consumers are embracing multiple routes toward stability and independence. Entrepreneurship, digital education, side hustles, and intentional spending are all becoming central components of modern financial life.
About the 2026 Wells Fargo Money Study
The 2026 Wells Fargo Money Study is based on a national online survey of 3,773 U.S. adults and 215 U.S. teens ages 14 to 17, conducted from November 19 to December 17, 2025. The research was conducted by Versta Research and weighted to reflect the U.S. population by age, gender, race, ethnicity, income, assets, education, and business ownership.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune’s 2025 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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