No. #66
Mental Accounting
- Categorizing Spending Illogically
Mental accounting refers to the tendency for people to separate their money into different accounts based on a variety of subjective criteria, such as the source of the money or its intended use. This can influence how users perceive and interact with financial applications or e-commerce platforms, potentially affecting their spending behavior.
Read more on WikipediaProduct example
Users might be more willing to spend 'bonus' money in a gaming app than their regular income, affecting in-app purchase strategies.
Empathy tips
Customize Budgeting Features
Offer customizable budgeting features that acknowledge users' mental accounting tendencies.
Educational Content
Provide educational content on financial literacy that addresses mental accounting.
User-Specific Recommendations
Use user data to make personalized recommendations that align with their spending habits.
Feedback on Spending Patterns
Give users feedback on their spending patterns to help them recognize mental accounting biases.
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