It’s never been so easy to save and invest but are gamers addressed in these services?
Microsaving or Microinvesting
There is a rise in personal financial technology applications (fintech apps) assisting in personal finance. Robinhood, Acorn, Stash, and Qapital are just some of the ways millennials are saving or investing their money. Not trusting a startup over a bank, especially after the financial crisis makes sense. The youth distrust of the old guard, in turn, this benefits the new guard fintech startups.
Despite the fact these startups or companies are backed by big banks, for example:
- Acorn is supported by Lincoln Savings Bank
- Stash is supported by Green Dot Bank
- Qapital is supported by Well Fargo
Even with the highly anticipated Apple card, Goldman Sachs takes the role of the issuing bank, with Mastercard serving as the payment network.
It’s never been so easy to save and invest but are gamers addressed in these services?
Blast currently is addressing Andriod gamers, but this neglects a large percentage of console and pc gamers.
The following are factors and trends that set the stage for Lootfeed:
Saving Crisis
Earlier in 2019, many Americans went without a paycheck or two due to the government shutdown. Since then, statistics have been published to show that forty percent of people in the U.S. don’t have $400 set aside for an emergency, according to the Federal Reserve. Additionally, 25 percent of Americans have nothing saved for retirement.
Debt Crisis
- College loans
Americans owe over $1.56 trillion in student loan debt as of 2018, spread out among about 45 million borrowers.
That’s about $521 billion more than the total U.S. credit card debt.
11.5% of student loans are 90 days or more delinquent or are in default.
The average monthly student loan payment (among those not in deferment) $393
- Credit cards
Americans owe $1.03 trillion total U.S. credit card debt with the average credit card debt per cardholder in the U.S. owing $5,234.
196.8 million credit cardholders in the U.S. (or 79% of adults)
- Car loans
Americans owe $1.13 trillion in total U.S. auto loan debt
$31,099 is the average auto loan amount on a new car
The average auto loan payment amount is $515 on a new car
- Medical debt
42.9 million Americans have overdue medical debt in the U.S.
$1,766 average balance owed among people with overdue medical debt
25.7% of people under 65 struggle to pay medical bills of more than $2,000
12.6% of people under 65 struggle to pay medical bills of $2,000 or less
Accountability
Whether you are politically active, contrarian, or a disillusioned. We live at a time when Americans want to see responsibility for words and actions.
We want this from the people who serve us and the companies of the products or services we use. Primarily if those people and products affect our lives and those we love.
We want to hold ourselves and others accountable for the words we use, our actions, and why, not the time we spend.
Productivity
The average age of a gamer is 34 years old, with more responsibility and less time to play. Often feel they could be doing something more productive with their time gaming. As gaming becomes even more accessible through mobile platforms and the advent of cloud gaming, this problem will become more widespread.
Binge culture
Excess has always been apart of American culture. Many immigrants came here looking for the streets paved with gold and were ready to scoop it all up for themselves. Streaming services, social media, and food companies know that we want to consume as much as we can of the things we love. This obsession with binging can lead to financial and physical unhealthy lifestyles without a balance with a positive habit.
AI Assistant Ghost
The tread of giving orders to an application or artificial intelligence to do something of value in your absence or while you preoccupied has been on the rise in different industries.
For example:
- Algorithm Crypto Bots – https://medium.com/@ShrimpyApp/the-best-automated-crypto-trading-bots-in-the-market-38e21a25d1b
- Robot vacuums – https://www.pcmag.com/roundup/341251/the-best-robot-vacuums
- Google assistant calling on your behalf
- A game called Samurai Shodown, which has a Ghost AI that mirrors your playstyle
Arcade/Casino – Nothing new under the sun
During the early days of the videogame industry, a gamer could not play at home. He or she had to go to an arcade to play a videogame. The first pay to play, for a quarter a gamer could play for some time or until he/she died in the respective game. A few arcades survived if not for nostalgia, but for combining their business models with bars and restaurants to create a more stable income stream. Now it has gone full circle. We help gamers pay themselves as they play their favorite games.
Game addiction/ Game disorder
Gaming addiction has been a problem for a percentage of the gaming population. It is highly debated and discussed among gamers, researchers, health officials, politicians, and parents. The recognization and classification of gaming disorder by The World Health Organization is a significant move forward in the debate surrounding gaming addiction. Subsequently, Congress has started legislation to ban Loot boxes and Pay to Win Microtransactions.
