Document Type

Article

Publication Date

9-16-2022

Publication Title

Journal of Consumer Affairs

Volume

56

Issue

3

Pages

1062 - 1078

Abstract

Digital financial platforms have become an integral part of consumers' lives–resulting in the datafication of everyday life and potential for uniquely impacting financial well-being. Extending previous transformative consumer research, we suggest financial well-being must center the ways digital financial platforms and their resulting data are increasingly enmeshed with financial decision making and consumption. Drawing on a theoretical lens of platformization, we propose the Platformed Money Ecosystem, which accounts for increased embeddedness of digital financial platforms within consumers' lives and the subtlety of how everyday life is transformed into data: producing data at the micro-level, monetizing data at the meso-level, and regulating data at the macro-level. In conceptualizing the Platformed Money Ecosystem, we identify three data-informed considerations for scholars and policymakers to reimagine financial well-being: protecting consumer data, limiting data biases, and supporting data literacy.

Comments

© 2022 The Authors. Journal of Consumer Affairs published by Wiley Periodicals LLC on behalf of American Council on Consumer Interests.

https://doi.org/10.1111/joca.12458

Creative Commons License

Creative Commons Attribution-No Derivative Works 4.0 International License
This work is licensed under a Creative Commons Attribution-No Derivative Works 4.0 International License.

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