Business
Marqeta Survey Finds Consumers Interested in Embedded Finance Offerings Amid Continued Fears of Recession, Despite Improved Economic Outlook
67% of consumers surveyed said that they’ve changed their financial habits to cut spending amidst economic uncertainty Against this backdrop, consumers
About this update from Marqeta, Inc.
[{"type":"text","content":"\n\n67% of consumers surveyed said that they’ve changed their financial habits to cut spending amidst economic uncertainty\n\n\n\nAgainst this backdrop, consumers surveyed reported growing demand for Accelerated Wage Access: One out of five US consumers said they would give up a full week of paid time off (PTO) if they could get daily access to their wages\n\n\n\n52% of consumers surveyed under 50 years old said they’d be interested in using Generative AI to help manage their finances\n\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nWhile financial analysts have downgraded the likelihood of a recession to 20% in the next 12 months, lingering recessionary fears are causing consumers to still cut spending according to the Q3 2023 Consumer Pulse Report released today by Marqeta, the global modern card issuing platform. The new report surveyed 3,000 consumers in the US and the UK in partnership with Propeller Insights, showing that against this backdrop of economic uncertainty, consumers are reevaluating how new technologies can help them manage their finances and are flocking to embedded finance offerings including Accelerated Wage Access to help them gain access to wages faster. In addition, consumers are showing demand for seamless and delightful shopping experiences along with newfound interest in how Generative AI solutions can help them reduce spending and guide savings.\n\n\nMarqeta’s Q3 Consumer Pulse report is the second of its kind where the company has surveyed consumers to get a pulse check on how they’re adapting to the changing financial landscape. According to the survey, despite an improved economic outlook, consumers are feeling the crunch as living costs remain high. Eighty-six percent of consumers surveyed reported being concerned about an impending recession and the majority (67%) are changing their financial habits in order to cut spending.\n\n\nDaily Wage Access Trumps Other Conveniences\nAccording to the report, embedded finance solutions that offer accelerated access to wages are striking a chord with consumers, enabling them to access their wages sooner to help keep up with rising interest rates and inflation. Over two-thirds of consumers surveyed (66%) said that if presented with a choice, they would sacrifice something important to them to get paid daily– the most popular being a year of takeout food (29%), soc...