iPhone and Android Users' Approach To Finance

The new iPhones are finally here. Apple revealed its iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max today. All of the new features should have the media discussing, debating and dissecting over the next few weeks.

The iPhone 11 will start at $699. Which begs the question: Can Apple users afford it? Financial powerhouse Personal Capital took a look at some financial trends among users who access their app through iPhones. They represent just some of Personal Capital’s 2 million registered users. Today, their platform has insights into trends across more than $760 billion of American assets.

"We took a deep look into our data," says Porter Gale, CMO of Personal Capital. "And what we found revealed that iPhone and Android users tend to have different approaches to finance."

Here’s what they found: 

• iPhone users are more likely to be planners. While Android users check their finances more often, Personal Capital found that iPhone users spend more time on the platform planning their future. 
• iPhone users keep quite a bit of cash on hand, with an average of $56,000 in cash in their bank accounts, but they also tend to carry quite a bit of debt (19% more than Android users, in fact).

All told, based on their proclivity for planning, their large cash holdings, and their willingness to take on debt, it is likely iPhone users will probably shell out whatever Apple asks for the latest and greatest version. 

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Sean Gardner is an executive board member with both Free Tech for Nonprofits and the World Communication Forum. He is also a global keynote speaker, business creative and digital producer who lives in the Seattle area. He currently conducts workshops and social media training for small business, nonprofits, celebrities, and multinational corporations. Follow him on Twitter, Pinterest and Instagram.