New FIS Research Shows UK Consumers Addicted to ‘Financial Doomscrolling' Fuelled by Economic Angst [Yahoo! Finance]
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Source: Yahoo! Finance
Eight in 10 UK consumers are utilising financial apps - online banking and mobile wallets being the most common. Mobile banking is the top reason for respondents' loyalty to their primary bank across all generations surveyed. LONDON, June 26, 2024 BUSINESS WIRE )--Global financial technology leader FIS ® (NYSE: FIS) has conducted new research showing that widespread financial anxiety among UK consumers has led to a phenomenon known as 'financial doomscrolling' - a term describing the excessive monitoring of account balances and banking apps. Amid a period of political and economic uncertainty, 51% of the consumers surveyed said they are "obsessed" with checking their financial apps, with 63% of Generation Z (18-27-year-olds) and 64% of Millennials (28-42-year-olds) experiencing this habit. The new research by FIS involved a survey of more than 2,000 consumers from across the UK and explored how different generations – from Generation Z to Baby Boomers – are thinking about the
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