Financial Data Fuels Personalized Experiences — And Consumers Are Willing To Share It
August 8, 2023 | 1 min read
Consumers expect custom experiences from their financial providers, but personalization requires sharing their data.
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Will Younger Generations Turn to Loans and Credit Cards Less Often?
May 19, 2023|0 min read
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MX’s latest consumer survey indicates that younger generations may be learning from their predecessors and adopting new financial habits to decrease debt. Take a look at the stats:
Swiping up debt. When asked what best describes how they use a credit card, the largest portion of respondents — 39% — say they pay off their full balance every month. And, among Gen Z respondents, 1 in 5 say they don’t have one.
Looking beyond loans. When asked what statement most aligns with their perspective on applying for loans, 35% of Gen Z and 36% of Millennials reported feeling more aligned to paying in full instead of carrying a loan. Instead, they are the generations most likely to leverage Buy Now, Pay Later services. Twenty-four percent of Gen Z and 19% of Millennials say they use BNPL to make large purchases rather than applying for a loan.
What other consumer trends are emerging?
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debt
consumer spend
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