Lower-Income Americans Are Becoming Increasingly Dependent on Smartphones, Says Study
‘This means they are twice as likely as others to begin their search for financial support or information online and from their phones. In general, they rely on the Internet to make informed financial decisions,’ said Birnholtz. ‘Today, smartphone adoption among low-income Americans exceeds 85% – in part because of market segmentation (there are cheap options for smartphones) and in part because smartphones are the retail item most commonly purchased on credit in the country.’ And about 70% of millennials use their smartphone devices as the primary resource means for banking rather than going to their local branches mainly to save the time required to physically travel to them. While conducting the research, Birnholtz learned that one of the biggest pain points between low-income people and pawn shops is the potential traveling distance involved.”