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Thursday, May 21 • 6:00pm - 6:00pm
206 Personal Financial Management Tools: Delivering on the Promise of Convenient Financial Well-being?

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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

avatar for Mark Lush

Mark Lush

Manager, NORC at the University of Chicago

Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube