Link to Recorded Presentations
https://youtu.be/G4UnSzfxONk
Department
Psychology & Family Studies
Format of Presentation
Poster
Research Category
Social Sciences
Description
Mobile payment service (MPS) apps are often used because they are convenient and easy to use. However, some people may not understand how MPS use could impact day-to-day finances or long-term financial well-being. This study seeks to explore the use of MPS apps among college students. It is hypothesized that MPS app use is related to factors such as ease of use, convenience, and financial behaviors, such as monitoring spending or paying bills on time. In the fall of 2021, 122 college students from the Southeastern United States responded to an online Qualtrics questionnaire related to preferences among MPS apps, frequency of their use, and spending and bill-paying financial behaviors in the last 6 months. Responses were coded and analyzed by using IBM SPSS v 28. Correlations revealed frequent MPS use was not associated with financial skills, usefulness, convenience, awareness, or actual financial behaviors. However, financial skills were positively related to factors such as MPS usefulness (r = .62, p ≤ .001) and convenience (r = .58, p ≤ .001), and awareness of financial behaviors (r = .55, p ≤ .001). Findings suggest that MPS apps can be a tool to promote financial management behaviors such as controlling spending and paying bills on time.
Recommended Citation
Reed, Mikayla and Brooks, Cecilia, "Convenience or reckless spending? How mobile payment apps can help college students manage their money" (2022). Undergraduate Research Conference. 1.
https://athenacommons.muw.edu/urc/2022/poster/1
Included in
Convenience or reckless spending? How mobile payment apps can help college students manage their money
Mobile payment service (MPS) apps are often used because they are convenient and easy to use. However, some people may not understand how MPS use could impact day-to-day finances or long-term financial well-being. This study seeks to explore the use of MPS apps among college students. It is hypothesized that MPS app use is related to factors such as ease of use, convenience, and financial behaviors, such as monitoring spending or paying bills on time. In the fall of 2021, 122 college students from the Southeastern United States responded to an online Qualtrics questionnaire related to preferences among MPS apps, frequency of their use, and spending and bill-paying financial behaviors in the last 6 months. Responses were coded and analyzed by using IBM SPSS v 28. Correlations revealed frequent MPS use was not associated with financial skills, usefulness, convenience, awareness, or actual financial behaviors. However, financial skills were positively related to factors such as MPS usefulness (r = .62, p ≤ .001) and convenience (r = .58, p ≤ .001), and awareness of financial behaviors (r = .55, p ≤ .001). Findings suggest that MPS apps can be a tool to promote financial management behaviors such as controlling spending and paying bills on time.