Putting ‘Smartphone Dependence’ to Work for your Business and your Borrowers
If it seems like practically everyone has a cell phone these days, it’s because they do. New data released in a 2017 Pew Research Center report indicates nearly every American adult has joined the mobile phone revolution. The study found that 95 percent of American adults now own a cell phone of some kind, and 77 percent of us have a smartphone. And while this is certainly good news for smartphone manufacturers like Samsung and Apple, it’s even better news for people in two demographic groups who are not only reliant on their mobile phones; they’re actually considered to be “smartphone dependent.”
They earn that label because they not only rely on their mobile phones for voice communication, but they are truly dependent on them for access to the Internet. One of the groups is no surprise to anyone; it’s comprised of young adults, otherwise known as millennials. The second group, though, isn’t always as apparent. It consists of low income individuals who make up the majority of sub-prime consumers.
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