This post was originally published on The FinTech Times
There has been a clear shift towards fintech solutions when consumers are shopping. A new whitepaper, produced by buy now pay later service, Afterpay and paytech Cash App, explores how this shift is actually spreading better financial habits, rather than putting people into difficult situations.
The Afterpay and Cash App report, titled The Future of Money, reveals that many customers are turning to fintech services as traditional banks are failing to meet their needs. Roughly 25 per cent of consumers haven’t used a traditional checking or savings account in the past year. Instead, they have resorted to using fintechs which provide greater convenience, speed and transparency.
The survey also highlights that credit card debt is a top financial burden for many consumers. Consumers struggle with it more than mortgages, medical debt, and auto loans. Troubles with debt and credit card balances weigh heavily on monthly expenses. They can create a cycle that’s both financially draining and discouraging for many consumers.
With 24 per cent of respondents viewing the current credit system as unfair and 21 per cent even labelling it invasive, the appetite for alternative, consumer-friendly solutions has never been stronger.
Younger generations trust fintech
Fintech solutions resonate with financially savvy Gen Z and Millennial
— Read the rest of this post, which was originally published on The FinTech Times.
