Money in a Mobile Age: Emerging Trends in Consumers’ Financial Practices

Erin Taylor

No 2017-3, Community Development Working Paper from Federal Reserve Bank of San Francisco

Abstract: Consumer finance practices globally are undergoing a transformation due to the increased mobility of people and the technologization of finance. This increasing mobility has the potential to deliver both positive and negative effects for consumers. On the one hand, it can expand consumer choice, increase access to product information, assist with financial literacy, and improve security. On the other hand, it may increase certain social and economic issues, such as fraud, user errors, learning difficulties, stress, and financial mismanagement. This paper discusses a range of issues that increased mobility finance presents for consumers in the areas of product mobility, human mobility, and information mobility.

Pages: 14 pages
Date: 2017-08-31
New Economics Papers: this item is included in nep-fle, nep-mkt and nep-pay
Note: FRBSF Community Development Investment Center Working Papers: http://www.frbsf.org/community-development
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