Data from a new survey from reveals a sobering yet opportunity-rich snapshot for credit and collection professionals and the broader financial ecosystem — amid persistent stress and rising consumer expectations, there’s a clear desire for more seamless, data-driven experiences that reduce friction in the repayment process.
What’s happening
- Financial avoidance is on the rise: Nearly 1 in 4 consumers (22%) actively avoid checking their finances if possible, with younger generations most affected — 33% of Gen Z and 28% of Millennials.
- AI adoption lags overall but skews younger: While 74% say they are not using AI to manage their finances, younger demographics are far more open to it — 27% of Gen Z and 37% of Millennials use AI compared to just 2% of Baby Boomers.
- Consumer confidence wavers: 44% say they struggle to make ends meet, and 31% feel their financial providers don’t do enough to meet their needs.
Why it matters: Professionals at debt collection agencies, consumer finance companies, fintechs, and traditional financial institutions can glean critical insights here. The data suggests consumers crave unified, user-friendly tools — yet many remain either overwhelmed or unconvinced that current solutions will help them better manage debt or avoid defaults. When individuals turn to manual processes or avoid their finances altogether, it can complicate repayment and collections.
By the numbers:
- 40%: The percentage of consumers who have three or more finance apps on their phone — down seven points in under six months, as people consolidate tools.
- 55%: The portion of consumers willing to share more data with their financial provider if it leads to a better experience.
- 65%: The share of consumers who prefer to manually pay bills, citing greater control and clarity as their top reasons.
- 75%: The number of consumers optimistic about reaching their top financial goal for 2025.
What they’re saying: Jane Barratt, Chief Advocacy Officer and Head of Public Policy at MX, stresses the urgency for financial providers to deliver more holistic, supportive solutions. “Consumers are no longer satisfied with a hodgepodge of finance-related apps and disjointed money experiences,” she notes. Rather than ignoring their finances or juggling multiple platforms, consumers are seeking an all-in-one approach where paying bills, saving, and tackling debt can happen seamlessly.
What’s next
- Consolidated experiences: Consolidation is king. A single platform showing all accounts, paired with proactive reminders and robust repayment tools, can meet consumer expectations for convenience and clarity.
- AI and data-sharing opportunities: As AI acceptance grows among younger generations, credit and collection leaders have a chance to leverage machine learning for more personalized repayment plans and gentle nudges that can increase on-time payments.
- Empathy at the core: Collections and credit pros who provide supportive, educational resources — rather than mere reminders of obligations — can help customers regain financial stability, reducing delinquencies in the process.
With consumer stress levels high but optimism intact, there’s a critical window for the industry to innovate. By delivering user-centric tools, harnessing data more effectively, and addressing the roots of financial avoidance, credit and collection professionals can transform repayment from a point of friction into a collaborative journey toward financial health.
