Personal finance apps and low‐income households
Open accessAbstract
The use of personal finance smartphone apps results in an improvement in various measures used to assess financial knowledge and skills, attitudes and motivations, and financially capable behaviors for those in low‐income households. Those provided with smartphone apps demonstrated increased self‐confidence in financial decision‐making and financial literacy and improved their ability to delay self‐gratification and their sense of being able to effect change. Financially capable behavior changes manifested in being better able to keep track of finances and manage unexpected bills. User engagement with finance apps could be improved by targeting users with a specific financial decision‐making problem, personalizing the apps through push notifications to encourage ongoing user engagement, and incorporating game mechanics.
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Cites
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152 · see citing works
Garðarsdóttir, R. B., & Dittmar, H. (2012) · Journal of Economic Psychology · doi:10.1016/j.joep.2011.12.008 · Cited by 318 · see citing works
The Outlook for Financial Literacy
Lusardi, A., & Mitchell, O. (2011) · doi:10.3386/w17077 · Cited by 125 · see citing works
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- Authors
- French, D., McKillop, D., & Stewart, E.
- Affiliations
- Queen's University Belfast (GB)
- Corresponding author
- McKillop, Donal
- Venue
- Strategic Change
- Publisher
- Wiley
- Published
- 2021-07
- Volume
- 30
- Issue
- 4
- Pages
- 367-375
- ISSN
- 1086-1718 (ISSN-L)
- 1099-1697
- OpenAlex
- W3169510035
- Cited by
- 35
- References
- 3
- Citations by year
- 2026: 9 · 2025: 7 · 2024: 10 · 2023: 5 · 2022: 4
- FWCI
- 7.12
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Strategic Change (publishedVersion, cc-by-nc-nd)
- Research Portal (Queen's University Belfast) (submittedVersion, cc-by-nc-nd)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Microfinance and Financial Inclusion
- Keywords
- low-income households, financial literacy, financial decision-making, self-control, user engagement, push notifications, gamification, financial behavior change, mobile application
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