All sessions will take place in Central Daylight Time!
POSTER PRESENTATIONS:
Poster presentations are available to view from May 18 through May 23 via ACCI’s (unlisted) YouTube Channel Poster Playlist sent out with the Zoom meeting room links to all attendees.
Poster are listed in this schedule on the last day at 6 PM so they appear at the end. Please scroll to the end to find the poster numbers, titles, descriptions, and presenters.
Be sure to live Tweet during the event! #accivirtual2020 and visit our Facebook page for photos @americancouncilonconsumerinterests.
While several major financial institutions and traditional banks have launched mobile apps that allow customers to quickly check account balances, deposit checks, and transfer funds, third-party personal financial management (PFM) tools have looked to support financial wellbeing by promising consumers an easier and more convenient way to budget, track spending, invest, and even improve credit scores. Though anecdotal evidence abounds, few nationally representative surveys have investigated the take-up, success, and drop-off rates of these PFM tools. This study seeks to fill that gap and investigates the reasons why users begin using, stop using, or do not consider using third-party PFM tools, the demographics of these groups, and how these groups differ from each other and from the general population. Findings indicated that use of these financial apps is lower than may have been anticipated – only 29% had heard of PFM tools, and a mere 12% of American adults have ever used a third-party personal finance app or website. Of the 12% using apps, almost half of users had subsequently stopped using the PFM tool they had been using. The most frequently cited reason for non-use (either ending use or never having used PFM tool) was perceived lack of value.
Author(s): Mark Lush, Katheryn Meagher, Angela Fontes