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Digital finance is the new norm ?
It’s become common practice for Americans (not just Millennials!) to use mobile payments to quickly and easily make purchases and transfer funds. In fact, a recent survey done by the Federal Reserve Board found that 28% of smartphone users made payments using their mobile device. The question is: Are these innovations helping or hurting consumers? The answer is complicated.
The convenience of mobile payments ?
The Federal Reserve Board dug even deeper and found that Millennials who make mobile payments are more likely to incur fees on their credit cards, overdraft their bank accounts, and withdraw from their retirement accounts when compared to non-users of mobile payments.
They also found a direct correlation between the high usage of mobile payments and low financial literacy levels, suggesting that the allure and convenience of mobile payments may come with some dangers.
The solution: Financial literacy ?
Clearly, using mobile payments without also having a basic understanding of personal financial management can be dangerous. As mobile financial platforms become more and more commonplace, financial literacy will become more important than ever to ensure responsible spending and saving. We know that users love the convenience and ease of mobile payments, so we bring that convenience to financial education as well.
MoneyLion unites FinTech and financial literacy ?
At MoneyLion, we provide you with both the tools to conveniently manage your money and the education to do it smartly.
The free ==MoneyLion== app makes it easy for you to view all your financial accounts in one place, monitor your credit, and earn rewards for doing everyday things like paying your bills on time. We also give you daily personalized financial tips that are relevant to your spending habits, and we recently launched a series of financial lessons called ==Lionomics== that make personal finance relatable and easy to understand for all.
Go further with MoneyLion Plus ?
A membership with ==MoneyLion Plus== gives you more. With anytime access to 5.99% APR loans, a managed investment account, and $1/day cashback, you’ll feel like a financial guru. Plus has even helped nearly 70% of members increase their credit score 30 points or more by reporting their loan payments to the credit bureaus.* Get more from your money (before you Venmo it all away) with ==zero-fee checking**== and investing. ? It’s almost here.
MoneyLion Plus is the perfect mix of FinTech and financial literacy so that navigating your finances is a breeze. FinTech plus financial education will make you fierce! ?
* Results not guaranteed. Your experience and circumstances may be different. Data was sourced from more than 11,000 MoneyLion Plus members who have signed up for MoneyLion’s credit monitoring, taken out a MoneyLion Plus loan, and made on-time MoneyLion Plus loan payments.
**Checking accounts will be offered through a third-party partner bank, Member FDIC.
MoneyLion Plus membership required. View full terms and conditions ==here==.
Not FDIC Insured or Bank Guaranteed | May Lose Value. The managed investment account is subject to risks, including but not limited to the loss of principal. Not bank or FDIC insured. This advertisement should not be construed as a recommendation regarding the suitability of purchasing a particular security or securities in general.