Personal finance apps and low‐income households

French, Declan; McKillop, Donal; Stewart, Elaine

doi:10.1002/jsc.2430

Cited by 15 publications

(10 citation statements)

References 33 publications

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“…Most importantly, DFS will give the underserved and financially excluded communities access to financial services, particularly to communities in developing countries that already own mobile phones (World Bank, 2014). French et al . (2021) found that the usage of personal finance smartphone apps positively increases self-confidence, attitudes, motivations and capability among low-income households.…”

Section: Introductionmentioning

confidence: 99%

“…(2021) found that the usage of personal finance smartphone apps positively increases self-confidence, attitudes, motivations and capability among low-income households. While the study found that the respondents tracked their finances better and were able to manage unexpected bills, there was no evidence that they would save more regularly to build up their financial resilience (French et al ., 2021, p. 374).…”

Section: Introductionmentioning

confidence: 99%

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Digital financial services usage and subjective financial well-being: evidence from low-income households in Malaysia

Mahdzan

Sabri

Husniyah

et al. 2022

IJBM

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PurposeThe first objective of this study is to analyze whether financial behavior (FB), financial stress (FS), financial literacy (FINLIT) and the locus of control (LOC) influence subjective financial well-being (SFWB) among low-income households in Malaysia. The second objective is to investigate whether the use of digital financial services (DFS) moderates the influence of FB and FS, on SFWB.Design/methodology/approachMotivated by the literature on transformative service research (TRS), this study examines how the use of DFS impact SFWB among low-income households in Malaysia. Low-income households are chosen as they are more likely to be financially excluded and lack financial knowledge and skills. Using an interviewer-administered survey, trained enumerators collected data from 1,948 low-income households in Malaysia, selected using a two-stage sampling based on the National Household Sampling Frame obtained from the Department of Statistics Malaysia.FindingsResults reveal that SFWB is positively influenced by FB and the LOC, and is negatively impacted by FS and FINLIT. The evidence shows that the use of DFS counterintuitively weakened the strength of the relationship between FB and SFWB, but effectively reduced the adverse effect of FS on SFWB.Practical implicationsTo reverse the signs of relationship, financial services marketers need to identify the specific types of DFS that low-income households use in order to provide targeted marketing efforts and financial education to promote the use of DFS on a more holistic basis to increase financial well-being.Originality/valueThe findings of this study add to the body of knowledge deliberating on the opposing effects of technology on consumers' welfare and well-being. This study focuses on the lower-income stratum of Malaysian households as this group of the population is more likely to be financially excluded and have deficiencies in financial knowledge and skills. Findings of this study show that DFS use can actually diminish the positive impact of FB on SFWB while reducing the adverse effect of FS on SFWB.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Digital financial services usage and subjective financial well-being: evidence from low-income households in Malaysia

Mahdzan

Sabri

Husniyah

et al. 2022

IJBM

View full text Add to dashboard Cite

show abstract

“…In this regard, mobile devices and mobile apps have provided such an enormous opportunity for financial development and are anticipated to become a common tool for carrying out various financial transactions (Iman, 2018). From another angle, the use of personal finance mobile apps results in an improvement in various measures used to assess financial knowledge and skills, attitudes and motivations and financially capable behaviours (French et al , 2021). The overarching manifestations of these behaviours relate to sound financial management such as tracking bill due dates, tracking subscriptions, calculating credit scores and managing investments and unexpected bills.…”

Section: Related Literaturementioning

confidence: 99%

Do mobile device and mobile app innovations trigger lifestylisations? Insights from consumers in developing countries

Odoom

2022

QMR

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Purpose The exponential growth of smartphones is complemented by an astronomical development of mobile apps that have been changing ways in which humans interact with each other, as well as how brands and customers interact. This study aims to examine the effect of mobile device and mobile app innovations on user lifestylisation among consumers from developing countries. Design/methodology/approach Through a qualitative approach, data was collected via focus group interviews from 32 participants from across 15 developing countries who were largely emerging cosmopolitans. Findings Using the thematic analysis technique, the study finds that consumer lifestylisations, based on consumption and utilisation of mobile devices and mobile apps, hinge on either pre-purchase considerations or post-purchase discoveries that stem from a bouquet of hedonic and/or utilitarian motivations. Two consumer categories are identified, with each category exhibiting unique patterns. Originality/value The empirical findings provide valuable theoretical contributions to new knowledge as well as practical implications for mobile gadget manufacturers and mobile app developers domiciled, or those aiming to establish their presence, in developing economies.

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“…This was purely based on customized model and the idea was to generate best plausible return on investment for the middle class and lower middle-class people who could not afford to invest and earn profits other than their main stream income. The idea was also to generate income from investments, whether it is small or medium sized investments, but to have the financial support during the crisis times like pandemic (French et al, 2021). The study was analyzed based on quantitative data gathered with the sample of 400 using convenient sampling technique.…”

Section: IIImentioning

confidence: 99%

Mechanics of Finance- Personal Finance advisory firm: “Finance Friend”

Vishwas¹,

Kumari²,

Pradeep³

et al. 2022

IJRASET

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The purpose of this study is to understand the importance of personal finance planning to be financially sound and well equipped for the uncertainty. According to the findings of this study, the ignorance of personal finance is to the pinnacle. This isn't just to set up family spending plan yet additionally to save, contribute as well as plan for our retirement. The meaning of financial management, its significance, the steps that each person can take to plan and manage their finances, and the awareness of financial management are all discussed in this writing. In addition to educating readers on how to plan and manage each individual's finances for their benefit today and in the future, which indirectly contributes to the development of the nation, the purpose of this writing is to raise awareness of the significance of personal finance planning and management. The impact of personal finance education on financial knowledge, attitudes, and actions is the subject of much debate. Our research also reveals that discussing money with friends, income, work experience, year/field of study, and family financial socialization were all important factors in influencing financial knowledge, attitudes, and behavior. We're not saying that formal financial education isn't important; rather, we're saying that its role in changing people's attitudes and behaviors should be carefully considered if that's its goal. The objective was to describe the financial knowledge, attitudes, and experiences of residents to inform the design of a personal finance curriculum.

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Personal finance apps and low‐income households

Cited by 15 publications

References 33 publications

Digital financial services usage and subjective financial well-being: evidence from low-income households in Malaysia

Digital financial services usage and subjective financial well-being: evidence from low-income households in Malaysia

Do mobile device and mobile app innovations trigger lifestylisations? Insights from consumers in developing countries

Mechanics of Finance- Personal Finance advisory firm: “Finance Friend”

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