When it comes to spending habits and payment options, the times are a-changing! According to global payments platform Paysafe’s report, ‘Inside the Wallet: How consumers are spending and saving in 2024’, over half of consumers worldwide (56%) have changed their spending habits from a year ago, not only becoming more price conscious but demanding payment choice, from debit cards and bank transfers to digital wallets and cash.
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Some more findings include:
- Debit cards (53%) are the top payment method being used more frequently this year vs last year, but bank transfers (39%), credit cards (33%), and digital wallets, such as Skrill, (32%) have also increased in popularity, with new payment methods and platforms beginning to emerge.
- More than half of people (54%) said that security in a business’s payment process is an important factor when deciding where to shop online. While two-thirds of consumers reported feeling better buying from a business if they know there are security steps in place to protect their data or if they see a payment option they recognize.
- Over a third (36%) of 18-43-year-olds are fully comfortable with AI being used to improve payments. This compares to 33% of those aged 60 and over who are uncomfortable with the idea of AI in payments.
- As many consumers live paycheck to paycheck, the opportunity to save has decreased, with 39% saving less than 6% of their income each month and 14% not saving at all. The inability to save can be attributed to an increase in the cost-of-living, with respondents reporting that they’re spending more on everyday necessities like groceries (66%), utilities (57%) and essential consumer goods (51%).
In this interview, Bob Legters, Paysafe’s SVP Product talks more about this survey and does a deep dive on how Americans are using their money – from general spending habits to trends in payment. He also breaks down generational differences in spending vs. saving. Lastly, he discusses how consumers can be sure that their payments are secure and shares his tips on how to have sound financial health.
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