“Digital financial planning tools meet real demand, but practical barriers prevent users from turning interest into actual engagement.”
What is the focus of the paper?
This paper examines how digital financial planning apps influence financial behavior, using the Seasn App as a case study. The objective is to assess both user demand and actual usage. Two complementary studies were conducted in the Netherlands: a consumer survey with 212 respondents and a field experiment with students (N=127). The survey captures perceptions, needs, and barriers, while the experiment evaluates real adoption and short-term effects. The focus is on individual financial planning, such as pensions and investments, rather than institutional advisory channels.
What are the key findings?
The survey reveals a strong do-it-yourself culture, with users seeking accessible, trustworthy, and low-cost planning tools. Key decision factors include advice quality, personalization, and broad functionality, while willingness to pay is limited. However, the experiment shows that real-world adoption is highly challenging: none of the participants used the app. This gap between stated interest and actual behavior is explained by onboarding complexity, time constraints, and limited motivation. The findings highlight a clear discrepancy between conceptual demand and practical engagement.
What are the implications?
- Developers and pension providers should minimize onboarding friction to improve adoption.
- Trust, privacy, and transparency are essential and must be clearly communicated.
- Integration into existing financial ecosystems and partnerships with trusted institutions can enhance uptake.