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A1a Access to Digital Communication Technology and Capacity to Use Digital Financial Products Impact Financial Wellbeing During the COVID-19 Pandemic
Short Description
It is important to understand the factors that influence consumers’ financial health and financial-related stress. This exploratory study investigated factors that could affect these outcomes using survey data collected during the COVID-19 pandemic. Our analyses revealed two main factors that predict financial health and financial-related stress: (i) access to digital communication technology, such as electronic devices and internet, and (ii) capacity to use digital financial products, such as online banking, mobile banking, e-transfers, etc. When compared to consumers with good or very good access to digital communication technology, those with fair to very poor access reported lower satisfaction with their finances, were more likely to have fallen behind on payments, and reported higher financial stress in general and specifically around online banking and e-billing. Consumers with fair to very poor capacity to use digital financial products also reported lower satisfaction with their finances and greater feelings of stress related to online banking and e-billing. Limited access and capacity were more common among people who were older, unemployed, and reported lower incomes. Limited access was also more common among people living in rural areas. We suggest policies and programs to improve access and capacity among consumers to mitigate financial harms.
Type of presentation
Accepted Oral Presentation