The article explores the evolving financial landscape for consumers living paycheck to paycheck, a group that comprises roughly two-thirds of the population. Recent findings from PYMNTS Intelligence and the Federal Deposit Insurance Corporation (FDIC) reveal significant shifts in consumer behavior regarding banking and payment methods. Mobile banking has gained traction, with nearly half of consumers engaging with it weekly, while traditional online banking trails slightly behind. The FDIC's survey indicates that over 96% of households are banked, with a notable percentage using mobile banking as their primary access method. Furthermore, credit card usage remains high, with 74% of consumers carrying debt, and the trend toward buy now, pay later (BNPL) options is rising, especially among lower-income households. This article highlights the increasing reliance on digital tools and alternative financing methods as consumers navigate their financial challenges in a paycheck-to-paycheck economy.
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