![]() Improvements were found in several measures designed to gauge financial knowledge, understanding and basic skills and attitudes and motivations. ![]() A Randomized Control Trial (RCT) was used to assess the efficacy of the apps in improving financially capable behaviors. ![]() Credit union members in NI tend to be on relatively lower incomes than the general population and live in more socioeconomically disadvantaged areas. These apps were provided to members of Derry Credit Union, the largest credit union in Northern Ireland (NI). They developed four smartphone apps (a loan interest comparison app, an expenditure comparison app, a cash calendar app, and a debt management app). 22, UK Financial Capability Outcome Framework).įrench, McKillop, and Stewart ( 2020) investigated the efficacy of personal finance smartphone apps to improve the financial capability of those on a low income. being able to use online banking services, to use mobile apps, and to compare financial services online is crucial for being able to keep track of your money and make informed decisions.” (Bagwell, Hestbaek, Harries, & Kail, 2014, p. ![]() The Financial Capability Strategy for the UK, 2015 highlights improved digital literacy as an important outcome in the advancement of financially capable behaviors “…. A feature of the last decade has been the rapid growth in smartphones and the development of personal finance apps for managing overall finances (track bill due dates, track subscriptions, calculate credit scores, manage investments). ![]()
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