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The state of investing: Opportunities, obstacles and outlooks

Is the American Dream still alive, or just living on credit? Dive into our latest survey with Gradient to uncover how Americans really feel about wealth, investing, and who they trust with their money.

America: The land of opportunity, the home of the American dream, and the birthplace of the noble hot dog. While a frankfurter sandwiched between two buns and garnished with an array of condiments is widely available, certain parts of the American dream seem to elude more and more people. In a society that views personal wealth as the be-all and end-all goal, of course not everyone can be on equal footing. More and more barriers seem to pop up almost daily.

A survey we conductedalong with our research partner Gradient, painted a picture of the current state of wealth in America. It also revealed some interesting facts about the current state of investing, how Americans learn about investing, and who they trust (or more importantly, don’t trust.)

Money often costs too much.

—Ralph Waldo Emerson

Money often costs too much.

—Ralph Waldo Emerson

Before digging into the findings, it’s important to prove the survey’s validity (and flex our research skills).

The survey consisted of a 48-question mindset battery, a private opinion confessional booth, a brand-funnel analysis (not featured in this report), and a module of various questions meant to understand the landscape of American investing.
It fielded an online survey of two populations: a nationally representative sample of 1,518 American adults and a sample of 1,017 Morning Brew subscribers.
The team then conducted a non-negative matrix factorization (NMF) analysis on 48 mindset questions designed to surface respondents’ underlying values toward investing and personal finance. Results were evaluated for statistical and practical viability. The same model was then applied to the Morning Brew subscribers.
We also designed a list experiment to uncover Americans’ private but unspoken realities centered around personal finance and investing. The experiment leverages the guarantee of privacy to maximize the likelihood that respondents will honestly self-disclose about sensitive financial topics.

We, the people, want wealth

71%

of non-investors in the National Sample* have a net worth of less than $25k

29%

of investors in the National Sample* have a net worth of less than $25k

America remains the wealthiest country in the world, but the question remains: Who actually has that wealth? Nearly half (44%) of adults in the US report net worths under $25k, and nearly three quarters (71%) of non-investors report languishing below $25k.

Investors, on the other hand, boast an impressive median net worth of $75k–$100k. 12% of investors even cracked the million-dollar net worth mark, compared to 1% of non-investors who managed to do the same. So, is the trick just investing? Not quite.

Part of it boils down to when you start investing. Those who began investing at 25 now command seven-figure portfolios, while those who waited until their mid-30s remain below six figures.

Timing isn’t the only limiting factor here. Rising costs affect everyone, even the affluent. So, yes, while those 20-somethings may be subsidized by their parents, there are still factors affecting their wallets. 65% of those surveyed cite the high cost of living, and 51% point to inflation as barriers to building wealth. Additionally, nearly half (48%) are clipping coupons or cutting nonessentials to stay solvent.

In a turbulent market, even high-net-worth individuals cut back.

67% of Morning Brew subscribers say they’ve cut back on dining out (versus 54% of Americans).
65% have slashed nonessential shopping (vs. 48% of Americans).
They’re also twice as likely to clip coupons (60% Morning Brew subscribers vs. 40% of Americans) or hit pause on big-ticket buys (52% Morning Brew subscribers vs. 30% of Americans).

So clip on, couponers. You’re certainly not alone during economic turbulence..

Why most Americans struggle to invest – even with a 401(k)

Even with 401(k)s in place, most US citizens only scratch the surface of the market. Our survey found that 38% of US adults contribute less than $1,000 to their portfolios annually. This tends to show up pretty clearly in account balances later on, with over a third (42%) holding under $25k in all assets combined, and only 8% have crossed the million‐dollar mark, compared to 19% of Morning Brew subscribers.

When you take a look at who’s investing, it starts to uncover the why of it, too. For example, 58% of those surveyed said they invest to secure their financial future. Another 55% cite saving for retirement as their reason. So whether it’s building a buffer or simply a yearning to retire to Bora Bora rather than just one Bora, it takes a goal-oriented mindset to really lock in on the investment front.

Looking at what factors prevent Americans from investing, people cited limited funds, fear of losing money, and information overload as top reasons. Turns out when you don’t feel you have enough cash, the last thing you want to do is risk losing it. What makes this even trickier, is when you try and figure out what’s considered a safe bet but find hundreds of conflicting sources telling you different things. This also snaps into focus when you see over half (61%) of Americans concede that “today’s economy demands riskier strategies,” yet only 16% use tax-advantaged vehicles like 401(k)s or HSAs as a default play.

It’s harder to take risks when you don’t know who to trust or what to do.

Where Americans learn about money and who they trust most

30

average age the National Sample began investing

25

average age Morning Brew subscribers began investing

There’s a lot here about how people feel about investing, but what do they actually know? More importantly, where are they getting their information? Not everyone’s taking economics classes (guilty), and in the age of the influencer, a lot of online “experts” lack…expertise.

28% of the national sample first learned from family members (versus 33% of Morning Brew subscribers).
18% of US investors turn to financial newsletters (compared to 56% of Brew readers, shockingly).
16% lean on social media personalities. More on this later.
9% credit a formal finance class.

Learning is a lifelong endeavor, and it’s truly wonderful to see so many ways for people to learn about wealth-building.

Only 33% of Americans rely on their own research for financial advice, versus 64% of Morning Brew subscribers. 43% lean on financial advisors. That means less than half of those surveyed have a trusted advisor, and far more are plunging into the deep end on their own. If you’re following along, you may see an opportunity brewing here ☕.

How brands can reclaim trust in the age of influencer noise

Now here’s where we believe brands can make a real difference. In our research, we’ve uncovered a need for trusted sources to empower American investors. Gurus, influencers, snake-oil salesmen—they all have one thing in common: the desire to make money off other people. Real expertise is now buried under a mountain of slop content from people trying to make a quick buck.

Only 24% of millennials publicly admit to following influencer tips, but over a third (36%) quietly concede they’ll click “buy” on a notoriously unvetted stock pick. Now we see a yawning gap between financial fluency signaling and real-life behavior.

The kicker is that only 5% of the national sample, along with 4% of the Morning Brew audience, view financial brands as a trustworthy source for investment advice. And only 14% of Americans (and 10% of Morning Brew’s audience) typically learn about investments through financial brands.

This paradox, where the talking heads on TikTok outpace credentialed advisors, threatens to turn “influence” into a misinformation megaphone. Left unchecked, every viral hot take risks becoming a portfolio’s poison pill. But therein lies an opportunity for brands bold enough to wield trust as a competitive advantage. By pairing authoritative insights with transparent credentials, financial institutions can reclaim the narrative.

Brands have the opportunity to:

Own the explainer role: Be the antidote to clickbait. Swap sound-bite headlines for clear, data-driven breakdowns that validate every chart, statistic, and projection.
Humanize credibility: Showcase real-world stories, customer case studies, expert panels, and interactive Q&As that translate “trusted” from a buzzword into a lived experience.
Embed guidance in context: Launch bite-sized educational series (think “Investing 101 Mondays”) that meet audiences on their favorite platforms, and gently steer them away from one-size-fits-all hot takes.

By transforming “trust” from mere brand jargon into a lived, community-driven practice, forward-thinking financial brands can outflank the talking heads, earning both attention and assets in an attention economy defined by skepticism.