Summary of Key Insights on Americans Living Paycheck to Paycheck1. Findings: As of Q3 2024, 25% of U.S. adults are living paycheck to paycheck, a slight increase from 23% in 2022. Additionally, 24% of Americans report they are unable to save any of their income, marking the highest level since 2020. Only 34% of Americans…
Category: Finance
Innovation of the Day: Micro Drama Marketing: Alipay Gamifies Savings
ummary:The article explores the use of micro-dramas as an innovative tool for consumer engagement and savings promotion in China. It highlights how Alipay, a leading payment platform, uses interactive narratives to encourage users to save money, and how brands like Kans leverage micro-dramas for marketing purposes. The trend of “pretend and save” on social media platforms further underscores the growing…
Insight of the Day: Consumers tap credit cards, loans to manage inflation
Findings: • The use of credit cards and loans to manage rising prices has increased among U.S. adults, particularly among Gen Z and millennials. As of October 2023, nearly 40% of U.S. adults were relying on credit cards or loans to make ends meet, up from about 37% a year earlier. Those in households experiencing…
Insight of the Day: Why feature-rich banking is key to retaining Gen Z consumers
Findings • Gen Z is a priority: Attracting and retaining Gen Z consumers is a top priority for UK banks. • High expectations: Gen Z consumers expect feature-rich banking experiences and are more likely to switch providers if they don’t get them. • Demand for digital financial management tools: Gen Z wants tools to help them manage their…
Insight of the Day: Survey finds that Gen Z is actually the most likely to create a budget
Summary:This article challenges the stereotype that Gen Z spends recklessly and highlights their responsible budgeting habits. It cites a study by NatWest showing a higher percentage of Gen Z setting budgets compared to Baby Boomers. This behavior is attributed to economic challenges like rising living costs and student loan debt. The article also explores how social media, despite being…
Insight of the Day: Financial literacy isn’t always taught in schools. So parents are picking up the slack.
Findings: • Financial literacy education is not mandated in all U.S. states, but only 26 require high school courses on personal finance. • Research shows that learning about finances outside school, especially from parents, significantly impacts children’s financial decision-making. • Parents can foster financial literacy at home through conversations, modeling good financial behavior, and providing hands-on learning experiences.Key Takeaway:Even without formal…
Insight of the Day: Half of boomers and Gen X are poised to run out of money in retirement—but millennials are in a better spot, says report
Summary:A new report by Morningstar suggests that 45% of American households may face a shortfall in retirement savings. However, the research also reveals a surprising trend: younger generations, despite common misconceptions, appear to be better prepared for retirement than their older counterparts. This is attributed to the shift from pension plans to self-funded retirement savings, with younger generations benefiting from more time, better…
Insight of the Day: Paycheck-to-Paycheck Consumers More Than Twice as Likely to Use BNPL
Summary: The article reports on the increasing adoption of Buy Now Pay Later (BNPL) payment options among consumers facing financial difficulties, particularly those living paycheck to paycheck.Findings: • Higher BNPL Adoption Among Financially Challenged: 26% of consumers who struggle to pay bills and 21% who live paycheck to paycheck without difficulty are likely to use BNPL. Only 10% of…
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