Over the concluding decade, smartphones have become the fastest selling gadgets in history. In the U.Due south., smartphones are easily attainable due to a wide multifariousness of subsidy options and the availability of lower-stop Android phones. The ubiquity of smartphones has become much more apparent as people rely on their devices to make phone calls, surf the Net, accept photos, record videos, check medical records, merchandise stocks, map out directions, listen to music, read eastward-books and much more. In a recent study, PawnGuru founder Jordan Birnholtz determined that smartphones have even inverse the financial lives of low-income Americans.

PawnGuru is a website where users post requests online to sell, pawn or buy items to and from local pawn shops. Sellers can solicit offers and negotiate prices online across multiple pawn shops in order to go the best deal. Birnholtz told me that 56% of PawnGuru users are millennials (born between 1982 and 2004) and nearly every i of them visits the website from their smartphones. Interestingly, millennials represent merely 28% of the U.South. adult population.

"This means they are twice equally likely every bit others to begin their search for financial back up or information online and from their phones. In general, they rely on the Internet to make informed financial decisions," said Birnholtz. "Today, smartphone adoption among low-income Americans exceeds 85% – in part because of market segmentation (in that location are cheap options for smartphones) and in part because smartphones are the retail item most commonly purchased on credit in the state." And about 70% of millennials use their smartphone devices as the primary resources means for banking rather than going to their local branches mainly to salve the time required to physically travel to them. While conducting the research, Birnholtz learned that ane of the biggest pain points between low-income people and pawn shops is the potential traveling distance involved. Here are some of the conversations that took identify between some pawn shops and PawnGuru users:

Chat #1:

Detail: Apple Watch
Shop: What size is it? Do you still have the box etc?
User: Yes I still have everything
User: Is it possible to get 150-200 I really hope information technology is
Store: Tin can you bring it by? We tin help you

User: Yep of grade but I won't be able to today peradventure Friday is that okay ?
User: What's the most you think I tin get ?
Shop: Friday is fine. As to the corporeality, depending size and on condition, 150 - 200 is very possible.
User: Nice the condition is very practiced ! So I'chiliad really happy nearly this give thanks yous so much l..I volition be in that location Friday is there any one I need to get to when I get in that location ?
User: Hey I have everything The size is 42 mm sport
User: Is there any possible fashion I tin become s petty bit over 200? Or is 200 the max
Shop: $200 is nearly all nosotros tin exercise on those.
Shop: Ay time today would be great
User: 200 sounds great I can't move considering of flood it is notwithstanding a little flooding but I will get to you as shortly as I can considering I will need to watch gone by Tuesday thank you and so much
Shop: OK Bring it by and we volition do all nosotros can
User: I will bring it Tuesday effectually half dozen:30
User: I'll exist there tomorrow
Shop: We close at half dozen:00 PM
User: I'll be in that location
User: Is there whatsoever fashion possible someone tin be there at 6:thirty
User: I will be on my way in a little bit
User: You guys (expletive) dude
Store: Our hours are ix:00 AM to half dozen:00 PM weekdays, 9:00 AM to 5:00 PM on Saturday. That is clearly stated on this site and on our spider web site.

Chat #two:

Item: PS4 and 3 new games
Store: How many controllers and which games?
User: ane controller and fallout 4 destiny with the new expansion and the sectionalisation plus a turtle beach headset
Shop: Ok I'll take information technology for $250. I'm at (location in Houston redacted) open ten-6pm
User: Ok I will exist back on Friday to get information technology
Store: I thought you lot want to sell?
User: No simply a loan sorry idea I hit that button
Shop: That's fine.
User: Cool I will hitting you up a niggling later who do I ask for when I call?
Store: Ask for Victor
User: It will be this afternoon prob around four pm and I am Austin
User: Actually it will be closer to 5 by the time I go there is that cool?
Shop: ThAts fine, ill probably will be running late myself
User: Ok cool
User: I am coming for certain will you be there till 7?traffic is atrocious
Shop: Aye
User: Come across you lot soon
User: I am trying to make it by 7 if I don't make it tonight same offering tomorrow? I really demand to get this washed
Shop: Yes that'south fine.
User: I volition be there today around 5
Shop: ok Im here
User: I am on my way

Conversation #3:

Detail: 1999 Troy land title ring
Shop: demand to come across
User: ring does non say 10k on within thats why its no set toll and im excepting best offer.. not trying to sale gold merely a rare title ring
Shop: I need to see it
Shop: how much
User: 200
Shop: bring it in and permit me run into !!!!!
User: cant achieve you im in forest park and have no car.. if u come up to me I'll auction it to u for $50 less $150.00 full.. if that sounds good give me a call at (redacted) and let me know if u are still interested. u and i both know thats a steal..
Shop: no thanks yous accept to bring information technology in

PawnGuru users are constantly asking pawn shops to ostend the hours of operation due to troubles with getting in that location on fourth dimension. Many of them do not take access to a vehicle and depend on public transportation to get around.

Interestingly, aPew study from 2015 said that 19% of Americans depend entirely on a smartphone to access online services and data — either considering they lack broadband at home or there are few options to access the Internet other than their smartphone devices."Young adults (85% of whom are smartphone owners) are also incorporating their mobile devices into a host of information seeking and transactional behaviors," wrote Pew in its study. "About three-quarters of 18-29-year-old smartphone owners have used their phone in the last yr to get information well-nigh a health condition; well-nigh seven-in-ten have used their telephone to do online banking or to wait up information most job; 44% accept consumed educational content on their phone; and 34% accept used their phone to apply for a chore."

There'south another reason why smartphone usage past lower-income Americans has become a hot topic recently. "Americans have choices. They've gotta brand a selection. Maybe rather than getting that new iPhone they just love and they want to go spend hundreds of dollars on that, maybe they should invest information technology in their own health care. They've gotta brand decisions themselves," said U.South. Representative Jason Chaffetz (R-Utah) in an interview with CNN . Implying that Americans are non buying health intendance plans because they are buying an iPhone instead is obviously absurd . Plus studies have shown lower-income Americans tend to buy cheaper Android devices instead of iPhones.

In a separate study from earlier this year, Pew reported that nearly 77% of Americans at present own a smartphone. There was especially an uptick in ownership with lower-income Americans and those ages 50 and older. Smartphones take become necessary utilities and are constantly proving that it makes life easier when it comes to fiscal planning.

What are your thoughts about lower-income Americans depending more than on smartphones? Please go out a annotate!