Consumers under the greatest financial pressure are not simply spending less. They are becoming more selective about where every dollar goes. That shift appears in “The Inflation Mirage: What Rising Spending Hides About Consumer Demand,” the June edition of the PYMNTS Consumer Expectations Index. The report...
MoneyLion has introduced a membership program designed to help consumers earn more from their paychecks. MoneyLion One, announced Monday (July 20), gives members access to daily cash back, investing and — later this summer — savings, along with personalized financial and identity theft protection tools. “Currently, more than...
Walmart-backed OnePay has teamed with fellow FinTech Upgrade to launch a consumer loan program. OnePay’s Personal Loans offering, announced Monday (July 20), is aimed at addressing what the company describes as rising consumer demand for credit amid increasing costs and a stricter lending environment. “Getting...
Financial institutions have traditionally organized customers using familiar metrics: income, assets, credit score and spending patterns. Those variables determined who qualified for a mortgage, which credit card they received and how aggressively they were marketed new financial products. But findings in “The Pay Later Ecosystem...
The emergency fund used to sit in a savings account, earned modest interest, and waited for the water heater to fail or the transmission to give out. For many households, that model no longer suffices. Today’s financial cushion is often assembled from a variety of...
For a generation raised on smartphones, Gen Z has embraced a budgeting habit their grandparents would recognize instantly: cash stuffing. The practice — dividing currency into envelopes labeled for groceries, rent, utilities, savings and other expenses — has become one of social media’s more notable...
Earned wage access has largely solved the question of availability. The remaining challenge is persuading workers that it deserves a place in their regular financial lives. That distinction emerges from the Wage to Wallet Index, produced by PYMNTS Intelligence in collaboration with Ingo Payments and...
Loan repayment histories, credit card balances and outstanding obligations have traditionally shaped most underwriting decisions. That approach is beginning to widen as lenders search for stronger evidence of how consumers manage money between borrowing events. New research from the Federal Reserve Bank of Kansas City,...
Klarna users can now access a free financial health check delivered by financial well-being provider Money Wellness through the Klarna app. Money Wellness’ Money MOT offers users a personalized picture of their finances along with advice about everyday budgeting, making the most of their income...