FinTechs Target Budget Stress as US Cost-of-Living Crisis Deepens

US households face a cost-of-living crisis as prices, housing costs and everyday expenses rise in tandem. More than half of consumers say managing daily expenses is becoming increasingly difficult. Millennials have been hit particularly hard by tight cash flow, prompting FinTechs to view budgeting services as an important market opportunity.

Recent reports show FinTechs targeting “budget stress” with spending trackers, cash-flow forecasting and financial-planning tools as affordability worsens. Available information on the event does not identify specific institutions, investment amounts or a publication date, but the key indicator is that more than half of consumers find day-to-day financial management increasingly difficult.