For this week’s research article, we dive into new insights on crypto overview, digital payments, and banking. Enjoy researching!
61% of Young People Trust AI to Make Financial Predictions for Them, Reveals Plum (Fintech Times)
Smart money app Plum has revealed that 61 per cent of young people trust AI to make financial predictions and decisions on savings and investments. The smart money app research comes from a survey focused on AI banking.
Plum AI banking research of 2,000 UK adults found that over half of those aged 18 to 34 are comfortable with AI making financial predictions for them. Forty-five per cent of the same age group are confident in sharing their data for the purpose of saving money. Just 15 per cent of those aged over 55 are happy to disclose the same data. Furthermore, 50 per cent of the younger age group were comfortable trusting AI to make and enact decisions regarding savings and investments. Plum suggests that this could indicate a significant shift away from traditional financial advice, moving towards money management apps, AI advisors and more. Read more
Europe’s Healthtech Industry Enters New Phase of Growth (Fintechnews Switzerland)
Europe is home to a young and dynamic healthtech industry, which, despite the global venture capital (VC) investment contraction, has managed to continue to grow, innovate and secure funding. In the year to come, the sector is expected to see accelerated developments as adoption rises and a new generation of healthtech providers emerge, a new report by Finch Capital, a growth investor focusing on finance, health and real estate technology, says. The inaugural State of European Healthtech 2022 report, released on December 02, looks at the state of the nascent industry, delving into funding trends, merger and acquisition (M&A) deals, business creation and hiring trends. According to the report, Europe’s healthtech sector has grown significantly over the past two years amid the COVID-19 pandemic, with total capital invested having risen from US$1.7 billion in 2017 to close to US$10 billion in 2021. Although much of the funding activities have so far been centered around telemedicine, a new generation of healthtech entrepreneurs are starting to enter the sector and giving rise to technology businesses outside of the segment, the report says. Read more
8 in 10 Singaporeans Affected by Inflation, Finds Seedly and Milieu Insight (Fintech Times)
Expense tracking app Seedly and consumer research company Milieu Insight have partnered to publish the ‘Seedly x Milieu Insight: The Impact of Inflation on Singaporeans’ report. The report aims to find out how Singaporeans have been impacted by inflation and rising home prices. The ‘Seedly x Milieu Insight’ report is based on an online survey conducted by Milieu Insight. The survey was commissioned to understand how residents of Singapore have been affected by inflation, alongside their opinions of the government measures introduced to tackle this. 1,000 Singaporeans aged 16 years old and above took part in the survey between 30 November and 5 December 2022. The report details that the year-on-year headline inflation rate has risen to 6.7 per cent. The Monetary Authority of Singapore core inflation rate is also at 5.1 per cent year-on-year. Because of this, the cost of living for Singaporean residents has also risen. Read more
Three in Five British Consumers Make Financial Decisions They Regret (Fintech Times)
There are times in life when big financial decisions must be made. Whether it’s establishing a new business or buying a home, it’s important to understand how life-changing these products and services, and the decisions that make them happen, are. How quickly do British consumers jump into financial decisions, and what kind of certainty is landing them there? These are questions raised by a new study by money.co.uk. With rising everyday costs as well as interest rates, it is now more important than ever to be financially savvy. The comparison website’s study inquires into the nation’s financial literacy rate through a survey of 2,000 people. Respondents were allocated via age and salary. Overall, 64.45 per cent of Brits admit to taking out a financial product without fully understanding how it works. This was lowest for those aged 55+ (54.36 per cent) and highest among 35 to 44-year-olds (70.90 per cent). Likewise, 62.55 per cent have ended up regretting entering into a financial agreement they didn’t fully understand. Again, remorse was most lacking among 55+ (50.74 per cent) and most common among 35 to 44-year-olds (67.00 per cent). Are we seeing a trend? Read more
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