The study examines the impact of fintech apps on the personal finance management of middle-aged working individuals, exploring their usage patterns, and financial wellness, and influencing drivers or constraints to adoption. Results show payment apps such as PhonePe, Google Pay, and Pay tm are the ones that lead the usage (78.4%) with a regular daily usage frequency (87.3%), signaling high reliance on fintech options. Although 72% of customers recognize the positive contribution of fintech apps to personal finance planning, there are issues with over-borrowing, impulse spending, and inability to save (56.7%, 62.1%, and 54.9%, respectively) because of the convenience of digital payments. The key drivers for the use of fintech are quicker transactions (16.2%) and ease (11.7%), while data security and privacy issues (21.6%) are also major hurdles. The research recommends that fintech businesses strengthen security, increase financial literacy, and include features of responsible borrowing, whereas customers must practice care in the usage of credit, utilize budgeting tools, and seek opportunities in investments. If these points are addressed, they can optimize fintech advantage and reduce the financial risks involved.
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- A. M. Joseph Kumar (Author), A. Naga Bruhati (Author), K. Nikhitha (Author), M. Nandika Reddy (Author), A. Vivekananda Reddy (Author), Parki Sushmita (Author), 2024, A Study on the Impact of Fintech Apps on Personal Finance Management of Middle-Aged Employees, Munich, GRIN Verlag, https://www.grin.com/document/1583309
