Eighty years ago, psychologist Abraham Maslow described mankind’s “hierarchy of needs.” He’d likely gaze in alarm at the price tag, as calculated by PYMNTS, that’s attached to simply staying alive today. Generally speaking, and through the years, the hierarchy has been depicted as a pyramid,...
The American consumer still has some dry powder left when it comes to credit. But the revolving balances we’re carrying — and which increased into the end of last year — will likely prove tougher for already-strapped households to handle as interest rates rise. The...
As the economy’s digital shift continues, eCommerce growth in Q4 2022 stands above pre-pandemic projections for this period and is on its way to returning to pre-pandemic levels. Consumers’ widespread demand for digital payments has contributed to much of this growth, with the availability of...
Consumers’ “reserves” to tackle life’s emergencies and everyday expenses — their savings — are evaporating. According to Goldman Sachs research, as reported by the Wall Street Journal, U.S. households have spent 35% of the “extra” $2.7 trillion in savings accumulated while the pandemic raged, and by the...
For many Americans, owning a home or renting an apartment signifies financial stability and maturity, with Americans traditionally leaving home early and never looking back. But home ownership — the cornerstone of the American Dream — is increasingly out of reach, as 18 million people...
Card-issuing banks offering payment advice to clients may benefit from decreased delinquencies and higher long-term customer retention. Data suggests that consumers are increasingly reaching for their credit cards to handle payments — perhaps not surprising, as nearly two-thirds of consumers continue to live paycheck-to-paycheck — and earnings...
As we move into 2023, inflation and economic uncertainty remain top concerns for most U.S. consumers. In the past 12 months, increasing prices for everything from groceries to fuel have weakened consumers’ spending power. Growing shares of U.S. consumers at all income levels now spend...
Klarna’s new “Money Story” highlights the importance of reviewing spending patterns. The new feature works like a Spotify-style year in review, but instead of showing users the songs they listened to the most, it shows them where they spent the most money, all packaged into...
Nearly 60% of consumers now use money-storing apps, which they use for everything from peer-to-peer (P2P) transfers and retail purchases. Capitalizing on this growing user base requires merchants and banks to understand which apps consumers prefer and the features that make them sticky. General-purpose apps,...
