Preventing Over-Spending: Increasing Salience of Credit Card Payments through Smartphone Interventions
Fuchs, Klaus L.
- Conference Paper
Credit card related over-spending represents not only an issue on the individual level, but also a growing societal burden. For example, consumers spend over $70bn in interest fees annually in the US alone. As mobile-mediated information systems have been proven effective in behavior change interventions, this study investigates the efficacy of a novel smartphone application to increase the salience of credit card usage. It seeks to motivate credit card users to save money by lowering expenditures, a desirable behavior preventing possible over- spending. In particular, the app suggested weekly saving goals and measured the respective effect of increased transaction salience on spending behavior. The preliminary results from the pre-study cohort (N=95) suggest that increased salience significantly lowers expenditures. We plan a large-scale study (N>1’000) to further examine the relationship between transaction salience and spending volume for low-transparency payment methods such as credit cards Show more
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Book titleMultikonferenz Wirtschaftsinformatik 2018. Data driven X - Turning Data into Value
Organisational unit03681 - Fleisch, Elgar
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