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Pandemic FuelsShift Toward More Deliberate Personal Finance Strategies Worldwide

casino Pandemic FuelsShift Toward More Deliberate Personal Finance Strategies Worldwide
Posted on December 14, 2023

A new study from Paysafe reveals exciting shifts in consumer spending and saving habits post-pandemic. As a New Zealand journalist reporting on financial tech and e-commerce trends, this data provides valuable insights. The full findings are published on iGaming News for those seeking more detail.

The research[1] shows that many people worldwide have embraced more frugal living since 2020. For example, 50% are cutting back on discretionary purchases. Additionally, there is a growing preference for savings over discretionary expenditures. 40% now prioritize saving for the future or paying off debt over buying non-essential items.

Delving deeper, generational divides emerge regarding post-pandemic finances. Millennials and Gen Z consumers seem more cautious, with 54% spending less on discretionary items. However, Boomers show more confidence, with only 40% reducing such costs. Interestingly, these older consumers are more motivated by inflation concerns rather than economic uncertainty.

There are also significant country-by-country differences. Over half of Australians have decreased discretionary spending compared to 40% of Americans. Additionally, motivation factors diverge by region. For Australians, rising living costs primarily drive financial caution, while Americans focus more on boosting personal savings.

Shifting attitudes also enable the growth of alternative payment methods. For instance, 20% of global consumers now use BNPL services like Afterpay at checkout. These deferred payment plans allow people to purchase pricier items while better-managing cash flow. Relatedly, 28% express interest in installment credit from their bank for larger purchases.

The Paysafe report highlights post-pandemic shifts toward more conservative spending and increased savings. However, trends differ generationally and geographically. For businesses in e-commerce, fintech, and retail, these changing consumer habits create opportunities to capture interest in creative payment solutions. Those adapting best to this new financial mindfulness stand to gain market share.


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