Hugh: Research Shows People Who Use Mobile Payments Have Higher Spending Issues

Published on May 25th, 2022 @ 6:20 PM


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Many people now use their mobile phones to make contactless payments, but you might want to rethink that. University of Puget Sound researchers found that people who use these payment methods are more likely to overspend. They found people who used mobile payments specifically had a 34 percent higher chance of spending more than their yearly income compared to those who used other payment methods. They also had consistently higher scores for overspending behaviors, including struggles with money management, and poor credit card behaviors. Study leader Sun Ahn says, “Overspending via mobile payment may be linked to the intangible nature of the transaction, coupled with its convenience, which allows the user to detach from the transaction.”

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