Every consumer has unique goals that drive their financial decisions. Financial institutions must understand when, where and why consumers use credit or debit when paying for goods, services and experiences. As part of the CU Growth Outlook research study, The Psychology of Payments white paper explores the challenges facing consumers and the psychological factors that influence their purchasing and financial decisions.
These behaviors were categorized into three unique frameworks — mental accounting, pain of payment and temporal focus. These frameworks led to the identification of two distinct buyer mindsets: the "budgeter" and the "non-budgeter." Learn more about the differences between these mindsets and the psychological factors driving those payment preferences by downloading The Psychology of Payments white paper today.