Abstract

Introduction: This study analyses the adoption trends of automated payment methods among different racial groups in the United States during the COVID-19 pandemic in 2022. It investigates the correlations among financial literacy, risk attitudes, customer sentiment, and the adoption of automated payment mechanisms for bill settlements.

Method: An analysis of responses from a diverse demographic is conducted using logistic regression on data from the 2022 Survey of Consumer Finance. This analysis investigates the trends associated with subjective and objective financial literacy, consumer sentiment as evaluated by economic perceptions, and risk attitudes among several generations, taking into account race as well.

Results: Initial results suggest disparities in the degrees to which financial literacy, risk attitudes, and consumer sentiment are connected with adoption rates among various racial groups. The statistical analysis highlights disparities in the adoption of automated payments among different racial and ethnic groups.

Discussion: The findings underscore the complex interplay among socio-economic status, behavioral variables, and technology adoption in the period after the pandemic. This methodology aligns with current scholarly works on behavioral finance, which emphasize the need to consider both individual psychological aspects and wider social impacts in the process of making financial decisions. By incorporating racial diversity into the research, the study provides a valuable understanding of how cultural and demographic factors interact with behavioral aspects in the particular setting of financial technology adoption during a time of substantial economic transformation.

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