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Growing interest in AI for financial guidance
San Francisco, March 30, 2026–(business telegram)–According to the 2026 Wells Fargo Money Study, Americans are rethinking what financial success looks like, how they get advice, and how parents are providing financial support to adult children. The research reflects a shift toward entrepreneurship as a form of control and independence, the increasing use of artificial intelligence for financial guidance, and increasing financial stress and communication challenges between parents and Gen Z adults.
The 2026 Money Study, now in its third year, explores how Americans are thinking, feeling, and taking action with their money. The findings show that consumers are adopting new strategies, adjusting their money habits and wanting more confidence when making financial decisions and being more intentional and thoughtful about their spending.
Redefining the American Dream: Business Ownership as Control over Destiny
The study shows that owning a business has become a central part of how Americans, especially younger generations, are redefining the American dream, seeing entrepreneurship as a path to autonomy and control over their future. The majority of all adults surveyed, 61%, say owning a business is part of the American dream. What’s more, 69% of Gen Z adults believe the same. Among those who do not own a business, three-quarters, i.e. 74%, of Gen Z adults and more than half, i.e. 58%, of Millennials, want to own a business someday. Why could this happen? Eighty percent of Gen Z adults and 67% of Millennials say owning a business will allow them to control their destiny. Interestingly, business owners today agree, with 96% saying this is indeed the case. However this control does come with some downsides. Eighty-six percent of business owners reported that their business needs meant personal financial sacrifice. Nearly two-thirds have used personal savings, personal loans or home equity to fund their business.
Emily Irwin, head of private wealth planning at Wells Fargo, said, “The desire to own a business reflects the growing belief that success is defined on your own terms. While entrepreneurship can provide freedom and flexibility, it also brings financial risk, which is why preparation, flexibility and informed decision-making matter more than ever.”
Gen Z faces financial pressures and turns to parents for financial support and guidance
The study also found that many Gen Z adults are delaying major life milestones and relying on family support to navigate today’s economy. This pressure is forcing many parents of Gen Z adults to have uncomfortable conversations about financial independence.
The impact of financial stress on Gen Z extends beyond young adults. Two-thirds, 64%, of parents with Gen Z children ages 18 to 28 say their children are financially dependent on them, whether for money, housing, or other support. More than half of those parents, 56%, say the support is putting a strain on their own finances. Nearly half of Gen Z respondents, 46%, describe their financial lives as being in disarray, and many say they are postponing plans like relocating, getting married, education and career changes.
Additionally, Gen Z is increasingly turning to non-traditional sources for financial information. Nearly half, 44%, rely on YouTube videos, while significant numbers—34%—turn to Instagram or TikTok and online communities, 25%.
Irwin said, “It’s not surprising that young adults are relying on both family and non-traditional sources for support, but these dynamics are also placing a strain on parents. Open communication, clear expectations, and shared planning can help families navigate this stage together.”
Using AI for good, but with caution
A growing number of Americans surveyed are eager to try new technology like artificial intelligence when managing finances, though experts wonder whether respondents know enough to use AI to their advantage.
The study found that 40% of American consumers are trying some less traditional methods to help them get more from their money. In fact, one in five US adults, 19%, say they have used artificial intelligence for advice or education about their money in the past year. Among Gen Z adults, that number doubles to 38%.
The majority of consumers using AI say they turn to it to better understand potential financial moves, identify new ideas, and assess risks and rewards. Two-thirds have acted on suggestions generated by AI, and of that subset, almost all (90%) say those ideas were profitable or worthwhile.
“Technology can help spark ideas and create awareness, but it works best when it has a solid financial foundation, reliable guidance, and an understanding of how these insights apply to one’s real-life goals,” Irwin said.
Other findings of the study include:
Increase in savings and investment – There is a good news. Half of consumers, 47%, say they are putting more into savings and investments over the past year, a significant increase compared to the previous two years of the Wells Fargo Money study.
Be more intentional about spending – The results of what consumers are doing with their money are mixed. Half, 52%, say the actions they’ve taken are paying off, while a third, 33%, say they’ve made some bad money moves this year. The majority of Americans, 90%, say they want to be more intentional and thoughtful about their spending, an increase from two years ago when that number was 84%.
Concern remains about employment – 17% of full-time employed Americans say they are worried about losing their job in the next year. That figure is nearly double, 31%, for Gen Z adults. Half of Gen Z respondents said they are saving more cash to cover their expenses if they lose their job and nearly six in ten, 57% of Gen Z adults said they would run out of money in less than three months if they lost their current job.
side-by-side strategy – One-third of consumers, 33%, reported that they have created additional jobs, income streams or made additional efforts to bring in more income over the past year.
fraud alert – Three in four, 77%, worry about fraudsters getting access to their money and almost nine in ten, 88%, regularly review their financial statements and accounts.
Banking apps are preferred – More than 1 in 5 Americans say they would rather give up their social media apps for a year, 84%, than their banking apps for a year, 16%.
Rewards and Cash-Back Program Rules – Nine out of ten consumers, 90%, say so Love Participating in rewards programs and three out of four, 75%, American consumers prefer cashback rewards.
The Wells Fargo Money study shows that Americans are engaged, motivated and open to new ideas when it comes to managing their money. Whether experimenting with AI, making gradual changes to everyday habits, or relying on family support, consumers are actively trying to make their money work harder and make their financial lives feel more manageable.
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 designed to reflect the US population by age, gender, race, ethnicity, income, wealth, education and business ownership.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $2.1 trillion in assets. We offer a diverse 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 and Investment Management. Wells Fargo is ranked 33rd in Fortune’s 2025 ranking of America’s largest corporations. Wells Fargo news, insights and perspectives are also available on Wells Fargo Stories.
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