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D3b Mobile Payments and Financial Control
Key Words
Mobile payments, Locus of Control, powerful others, spending, credit cards
Short Description
Internal Economic Locus of Control factors and the power of others could be associated with mobile payments. The study found that those most knowledgeable about finances (more powerful than others), those who had determined their retirement needs, and those with higher self-assessed financial knowledge were more likely to use mobile payments. At the same time, mobile payments seemed to increase the probability of spending more than income and having an occasional bank overdraft. AFS use was positively associated with mobile payment use but not having a credit card reduced the probability of using mobile payments. Mobile payment users with credit cards seemed less likely to carry over balances or to make only the minimum payment. We conclude that fintech use is influenced by locus of control beliefs which may themselves be detrimental to spending. Financial planners and therapists should consider determining the Economic Locus of Control of their clients to fully understand clients and help them achieve ideal financial goals. Surveys can be used to determine if clients are internally or externally motivated in order to advise and monitor their plans effectively.
First & Corresponding Author
Sophia Anong, University of Georgia
Authors in the order to be printed
Sophia Anong, Aditi Routh