Financial anxiety is clogging users’ financial activities — could automation be a solution?
- A significant portion of U.S. consumers struggle with managing their finances because of financial anxiety.
- With AI becoming increasingly advanced, autonomous finance could take some of the load off.
While consumers’ online shopping habits may have stolen the show for financial service providers during the earlier stages of the pandemic, it’s the more insidious financial anxiety that’s getting attention now.
Meanwhile, a study by FINRA Investor Education Foundation and the Global Financial Literacy Foundation found that 50% of participants said they felt stressed while talking about their finances, while 60% said they felt stressed just thinking about them. High debt, low financial literacy, and money management challenges were among top reasons for financial anxiety.
Alongside the fog of financial anxiety, there’s also been the growth of AI. According to Robert Le, senior analyst at PitchBook, artificial intelligence has gotten a serious makeover recently.
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