Artificial Intelligence, Member Exclusive

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.
close

Email a Friend

Financial anxiety is clogging users’ financial activities — could automation be a solution?

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.

While 89% of respondents believe personal finance is important, 37% don’t handle it because of anxiety, according to a US based April study by personal finance software Quicken

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.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Financial anxiety is clogging users’ financial activities — could automation be a solution?”

Green Finance, Member Exclusive

Green Finance Briefing: Greenwashing on Wall Street, and climate tech stocks outperforming the market

  • Regulators have started to investigate misleading ESG claims at big banks, signaling that they’re paying close attention to the wave of greenwashing happening in finance.
  • Elsewhere, climate tech stocks continue to outperform the market, and UN Secretary General Antonio Guterrez bemoans the counterproductive attitude of the finance industry towards climate change.
Iulia Ciutina | June 24, 2022
Member Exclusive, Payments

Payments Briefing: Is the ‘Apple Pay Later’ hype warranted?

  • This week, we review the hype around Apple Pay Later and try to determine how much of it is justified.
  • We also look at Square’s move to bring Afterpay to in-store purchases, making it even easier to pay in four – and how this greater ease could lead to overspending and growing consumer debt.
Ismail Umar | June 23, 2022
Member Exclusive, Online Lenders

Lending Briefing: The SMB Brexit, and digital lending VC funding

  • Given the recent announcement from expense management platform Brex to stop serving SMBs, how are its competitors looking to address the market?
  • We also take a look at the first quarter VC funding in fintech, and how lending compares to other verticals in the space.
Iulia Ciutina | June 22, 2022
Green Finance, Member Exclusive

Given the lack of standardization, how should FIs think about ESG reporting?

  • Creating a well-defined global framework for ESG and sustainability factors will bring more accountability in the financial sector, but this task is very complex in nature.
  • Financial institutions are increasingly feeling the pressure from an ESG standpoint, given the SEC crackdown and demands from consumers, but the lack of standards makes it hard for them to formulate a strategy.
Iulia Ciutina | June 21, 2022
Member Exclusive, Payments

How the global microchip shortage is affecting the payments industry

  • While chip-based payment cards face the biggest threat, experts say the only aspect of payments immune to the shortage is physical currency.
  • As banks look to address the problem, one of the solutions being discussed is extending payment cards' expiration dates.
Subboh Jaffery | June 20, 2022
More Articles