Q3 2023 Consumer Pulse Report

In partnership with Propeller Insights, Marqeta conducted a survey of over 3,000 consumers in the US and UK, to gauge their sentiment about their finances and financial service providers amid a challenging macroeconomic environment. The survey shows that recessionary fears are lingering, opening the door to new Generative AI and embedded finance solutions to help them manage their finances. 

• 52% of consumers under 50 years old said they’d be interested in using Generative AI to manage their finances 

• 67% of consumers reported that they’ve changed their financial habits to cut spending 

• One out of five US consumers said they would give up a full week of paid time off (PTO) if they could get daily access to their wages

Generative AI’s place in financial management 

According to the survey, over one-third (36%) of consumers are interested in using Generative AI to manage their finances, with that number increasing to over 50% for individuals younger than 50 years old. 

Consumer brand loyalty is rooted in the customer experience

The report details how consumers are most influenced by a positive customer experience when making a purchase with a brand, over social responsibility or corporate values. The majority (85%) of consumers think the checkout or payment experience is more important than a company’s corporate values or social positions when purchasing from a brand. 

Consumers want faster access to their pay 

Consumers are struggling amid an ongoing cost of living crisis and the idea of getting paid daily is attracting interest – over two-thirds of consumers (66%) saying that if presented with a choice, they would sacrifice something important to them to get paid daily. In the US, 21% of consumers said they’d give up a full week of PTO if it meant they had faster access to their paychecks, underlining the demand for a transformation in how workers get paid in today’s economy. 

Download the full report.