Personal Finance

The Mobile Banking User: Young, Wealthy, Risky

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While most people don’t like to put the words “risk” and “banking” together in the same sentence, one study shows that mobile banking users are risk-takers.

A new study from mobile advertising platform company Millennial Media shows that consumers who access mobile finance content tend to be young and wealthy and consider themselves risk-takers.

Commissioned through comScore, the study looked at data within Millenial’s network of finance ads and content. Mobile banking was the finance category that consumers accessed most often, with 35 percent accessing mobile banking content once weekly and 22 percent interacting with the content daily.

Those consumers also tend to fall into a different profile than the overall mobile audience. Mobile finance users are more likely to be young, male, make more than $75,000 a year and consider themselves a “risk-taker.”

Mobile finance users also gave themselves other labels that the general mobile audience did not. They were more likely to call themselves environmentally friendly, a tech geek, health conscious and influential.

The study also pointed to some general spending behaviors that mobile finance users tend to utilize—and not all of them are considered good money decisions. Mobile finance users are slightly more likely to buy on credit rather than not buy, but they are significantly less likely to consider themselves spenders rather than savers.

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