Subscribe to The Financial Brand via email for FREE! It’s ten years since Venmo was founded, and global adoption of digital payments continues to scale rapidly, with $62 billion processed in 2018. We are continuing to see changes in consumer behavior, particularly how consumers work with their financial institutions.
Most of us know we should save money. But when it comes to actually doing it, people tend to fall into two camps: non-planners and planners. Non-planners typically save when they can, perhaps putting a small amount into a workplace retirement plan, hoping that everything will work out in the long run.
Source: Does Financial Planning Help?
Is this the beginning of a major trend? And, more importantly, how do consumers feel about being “persuaded” into fitness tracker-based insurance policies? In a study conducted with my colleague Professor Stefanie Paluch at RWTH University in Germany, we investigated people’s perceptions of fitness tracker-based insurance policies.