The Evolution of Consumer Spending and Saving

COVID-19, rising costs, and innovations like Buy Now, Pay Later have changed how consumers spend and save money. But is it a good thing? Experts from Experian, U.S. Bank, and Betterment weigh in on the bigger picture, the power of relationships, and focusing on customer outcomes:

With some 60% of Americans living paycheck to paycheck, most consumers are focusing on the micro day-to-day of their finances, not the big picture items like saving for retirement, saving for their children’s college, or buying a home, according to Jerry Jensen, vice president of sales at Experian Partner Solutions.  

“Our job is to create a great digital experience. That's what we do. But we forget that we're all humans and relationships are what makes the world go round. So, we have to make sure that that part of the experience really connects the person,” Ankit Bhatt, U.S. Bank consumer chief digital officer said. 

[Companies] need to ensure they have the space to make the right decisions to meet customer outcomes they’re talking about. That doesn’t mean the right product because the customer demanded it or desired it in the moment, but because it's gonna actually improve their outcome, says Michael Reust, CEO of Betterment. 

Watch the entire panel discussion from Money Experience Summit 2022 here: The Scare Factors of Spending and Saving.