The study was conducted in 10 markets with over 20,000 consumers speaking about their preferences, habits, and attitudes in money management
Klarna provided research revealing significant generational differences when it comes to money management.
The research found that millennials are turning to technology to manage their money than their older counterparts. For instance, 78% of millennials claim that technology has an impact on their money management, compared to 67% of older generations. Along with that, millennials also find it easier to track spend using technology than older generations.
The research also stated that millennials are more likely to talk openly about their finances than older consumers surveyed. 50% of millennials worldwide admit the importance of talking openly about finances, compared to only 41% of older generations, according to the study.
Besides, the research uncovered significant geographical differences when it comes to money management, especially around payment preferences and privacy.
For example, in Germany, Austria, and Spain, cash continues to dominate, however, in the majority of countries debit cards are the preferred payment type. Along with that, the research revealed the UK is the most private country globally, with only 38% of Brits saying it is important to talk openly about money, compared to a global average of 46%.