Financial technology is evolving all the time, making it easier for consumers to spend, save and invest their money. But which nation is more likely to be embracing these advancements?
We compared stats from our UK Future of Finance Report and US Consumer Finance + FinTech Report to find out who’s more finance-forward. The nationally representative research was carried out with 2,000 Americans and 1,000 British consumers.
1. Who uses more financial providers? The UK
Brits are 2.5 times more likely to be using three or more financial providers; 55.6% versus 21.3% of Americans.
2. Who prefers mobile banking? The UK
Brits are 21% more likely to favour carrying out day-to-day banking through a mobile app; 59.1% versus 48.7% of Americans.
3. Who’s more likely to own cryptocurrency? The US
Americans are nearly twice as likely to say they own cryptocurrency; 18.6% versus 9.8% of Brits.
4. Who’s least likely to use cash? The UK
Americans are 19% more likely to prefer paying for things in cash; 23.9% of Americans versus 20.1% of British people.
Brits are 2.5 times more likely to prefer contactless device payment when paying for things offline; 15.9% versus 6.2% of Americans.
6. Who has more savings? Draw
22.4% of Americans have no savings, which is only marginally more than the 22.1% of Brits who also have none.
7. Who’s more likely to invest in the stock market? The US
Americans are nearly twice as likely to invest in the stock market or currency exchange market; 17.6% versus 9.3% of Brits.
8. Who’s more likely to own property? The UK
Brits are 4% more likely to own at least one property; 59.1% versus 56.7% of Americans.
9. Who’s more likely to have shopped around for a better deal on car insurance? The UK
British people are nearly twice as likely to have switched car insurance providers in the last 12 months; 31.4% versus 16.6% of Americans.
10. Who’s more likely to feel confident about having enough money for retirement? The US
Americans are 14% more likely to have no worries about affording retirement; 14.4% versus 12.6% of Brits.
Most Finance-Forward: The UK
British people are more likely to be turning to new technology to help manage their finances, and they also show more savviness when it comes to getting the best deal on financial products.
But while Americans are still holding on to some traditional habits like paying in cash and in-branch banking, they’re more open to riskier investments like the stock market and cryptocurrency.
Both nations represent valuable markets for fintech providers, with consumers showing an appetite for innovative products that help them move towards a more secure financial future.
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