[Study] More Money Management Happening On Mobile Devices

By: // On 12 April 2013 // in Lifestyle, Social Media, Tech

In partnership with InMobi and Viggle, the Interactive Advertising Bureau (IAB) released their “Mobile and Money” study that looks at how mobile users are leveraging smartphones and tablets to manage their personal finances. Findings show that a great number of consumers are tapping into their mobile devices for money management.

Those results help to understand why worldwide PC shipments totaled 76.3 million units in the first quarter of 2013 (1Q13), down -13.9% compared to the same quarter in 2012 and worse than the forecast decline of -7.7%, according to the International Data Corporation.

58% of respondents regularly use their bank’s mobile app, while 25% are aware of the app, but have yet to use it.

In addition, 50 percent use their bank’s mobile-optimized web site, while another 26 percent are aware of the feature, but have yet to test it.

However, at the same time more than half (52%) of the survey’s respondents said that in order to shift more personal finance activities to their mobile device, they need a concrete “guarantee” that financial transactions are safe, even if they lose their phone.

In addition, 46 percent stated that they needed to see better security on their mobile network in order to inspire them to turn to their connected device for more financial activities.

The report found that respondents are starting to treat their smartphones as virtual wallets, using the device for a variety of payment activities, such as:

  • Paying mobile phone bills (42%) or other bills due for payment (46%)
  • Paying a business for real-world goods/services, such as coffee via a pre-paid card on the phone (34%)
  • Buying tickets for a movie or concert or travel, etc. (37%)
  • Paying for digital products such as music, movies or a smartphone app (45%)
  • Paying friends or family (19%)

When it comes to branded apps that respondents who use mobile financial services are using, Paypal was far and away in the lead (37%), trailed in the distance by Mint (11%), Turbotax (9%), Square (8%) and Google Wallet (7%).

Money-related apps such as regular calculators and tip calculators were also popular (72% vs. 35%), but those apps meant for scanning receipts and reading financial news did not seem to capture much interest (16% vs. 14%).

Taking April 15 into account, the survey also asked respondents if they were aware of apps available that will let them file their taxes through their mobile device. More than half (57%) claimed that they knew about them, but a negligible number (6%) said that they have used one to actually file.

To download the entire “Mobile and Money”study, please visit www.iab.net/mobilefinance

The survey was fielded in March 2013. Viggle emailed invites to a random sample of Viggle’s nearly two million registered users. These users completed the survey online (on either desktop, smartphone, or tablet). 1242 (18 years old or older) respondents completed the questionnaire.

The Viggle audience is both technology- and media- savvy. Viggle currently attracts a user base centered around the 25 – 34 year-old demographic. In addition, Viggle’s audience is also more coastal and more urban than the average consumer.

Chief editor @Wajeez, writer, blogger and online marketeer. He is working in Emirates, and lives in Dubai. Did you notice all those quotes laying around many posts here? He finds great joy in digging out the right quote for the right topic.

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