Generation X consumers, baby boomers and seniors all allocate more than 60% of their monthly incomes to housing, supplies and other regular bills. Generation Z consumers, meanwhile, allot just 47% to those expenses. In fact — according to PYMNTS Intelligence’s recent Paycheck-to-Paycheck Report, “Why 60...
The Consumer Financial Protection Bureau (CFPB) is looking to improve “competition, choice and affordability” in credit reporting costs and other mortgage closing costs. In prepared remarks for a speech at a Mortgage Bankers Association conference, CFPB Director Rohit Chopra said Monday (May 20) that the agency is doing so at a time when mortgage lenders...
Pay later plans have gained value since they offer consumers flexibility and better spend management. PYMNTS Intelligence reveals consumers’ preferences for these plans, particularly around buy now, pay later (BNPL) options. For example, Generation Z has kept a steady use rate for pay later plans...
In researching PYMNTS Intelligence’s “Meeting the Demand for Instant Ad Hoc Payments,” a collaboration with Ingo Payments, we found the volume of instant, nonrecurring ad hoc payments has risen 28% since September 2023. This surge in instant ad hoc payments can be traced, in part, to...
You’ve heard of embedded finance. Get ready for embedded lending. It’s a relatively new term to describe an important trend in consumer financial behavior, and Visa is among the companies that believe it is poised to take off, if its partners can educate consumers about...
As the title of PYMNTS Intelligence’s most recent New Reality Check report, “The Paycheck-to-Paycheck Report: Why 60 Percent of Gen Z’s Live Paycheck to Paycheck,” makes clear, it’s tough out there for younger adults. Fifty-nine percent of Generation Z consumers tell PYMNTS Intelligence they now...
General-purpose credit cards dominate the consumer credit card landscape. In fact, about 2.5 times more consumers hold general-use credit cards than either co-branded credit or store cards, with substantially wider gaps among lower-income consumers and those in younger age groups. Moreover, cardholders who have both...
Consumers are becoming more cautious in their spending, Citi CEO Jane Fraser said Tuesday (April 30). Speaking at the bank’s annual meeting, Fraser told shareholders that while consumers remain “healthy and resilient,” they are also becoming “more discerning in their spending patterns,” Reuters reported Tuesday. Consumers are making small purchases,...
Digital platforms are transforming the personal finance landscape for renters by emphasizing the importance of leveraging nuanced insights derived from rental payment data, a facet traditionally excluded from credit scoring models. Among the firms driving this transformation is EasyKnock, a home equity solution platform, which recently...
