Study Reveals AI's Role in Holiday Overspending and Financial Strain

Festive season brings a lot of expenditures too, with average Americans spending $1,000 on gifts and other things during the holiday season. But data says that most people also go into debt because of their overspending, even after cutting back on some of their normal expenses. Overspending has become a real issue during the holiday season and many people plan on paying off their debt during the next year. A new paper published in ScienceDirect suggests that AI may contribute to overspending behavior. Researchers say that artificial intelligence can give poor financial advice, especially when it comes to online shopping. At the same time, they highlight AI's potential as a valuable tool for retailers and sellers integrating it into their businesses, showcasing both its risks and benefits.

Behavioral Economists have come up with a term called “Pain of Payment” which refers to the emotions we feel while spending our money. When we are buying things from cash, it requires more thought and decision making than spending money online through credit cards. In this digital era, it is not hard to buy things and we can do it as quickly as just a tap of our fingers. When paying online, we get disassociated and cannot feel the pain of payment, even if we do not have much monetary resources. When our pain of payment is not felt, we tend to spend more without any thoughts.

Researchers said that there are four main ways AI is reducing the friction associated with buying things and urging us to spend more. AI is managing our algorithm and making us buy things that we need or have thought about buying. It is also reducing bias and discrimination across all populations, no matter what the financial situation is. But on the other hand, it is also making financial inclusion harder for some groups. AI is also helping companies to personalize content for buyers, making buyers see things in their preferred prices, leading to more consumer spending. AI is also helpful to provide flexibility and automate spending decisions.

Researchers say that usage of AI during online shopping is a cause of concern, and it will affect how we think about spending our money. It can make people get distanced from healthy financial habits and may bring us deeper into financial debt. There is also a new trend going on about financial mindfulness books that can help people achieve peace through healthy money management.

Image: DIW-Aigen

Read next: New Survey Shows How Many Children Want to Pursue Influencing as a Career Path
by Arooj Ahmed via Digital Information World

Instagram Head Mosseri Urges Social Media Users to Verify Sources Amid Growing AI Content Deception

Instagram’s head Adam Mosseri is warning users about the rise in AI content and how easily deceiving it can be.

Many users continue to get tricked into believing a fake post is actually real, he added. This has to do with so many AI images circulating on the internet. This makes it all the more difficult to differentiate fact from fiction.

The warning came in the form of a series of Threads published during the afternoon hours yesterday. This is why the app now wants users to verify the source and only then assume it’s true.

Mosseri further shared how the goal of the platform right now is to label any content made using AI with tags. However, there’s a huge likelihood that some content gets missed by the labels. Therefore, to help combat that issue, users need to add more context related to who’s sharing. In this way, users decide how much trust they can put in the source.

Remember, he adds that chatbots can lie to you on your face so in the same manner, trusting search engines powered by AI might give you the same disappointment. If the source is checked as a verifiable one or a reputable account, it just makes it so much easier.

Right now, Meta’s apps are not providing the same level of authentication that Mosseri discussed. The company did share at big changes arriving soon in terms of content rules but we’re still waiting for that.

For now, Mosseri’s description is quite like the Community Notes found on X as well as YouTube. You can even link it to the custom moderation filters on Bluesky. Now if Meta hopes to roll out anything like that, we’re not quite sure. But if you do look at history, it does tend to get inspired by other arch-rivals in the industry very easily. What do you think?

Image: Meta

Read next: Social Media Apps Dominate November Downloads: Instagram Leads, Threads Tops iOS
by Dr. Hura Anwar via Digital Information World

Social Media Apps Dominate November Downloads: Instagram Leads, Threads Tops iOS

Appfigures shared the list of most downloaded apps in November 2024 on Google Play Store and Apple App Store, and it seems like social media apps are taking the lead. Instagram was the most downloaded app combined on Play Store and App Store, with 53 million total downloads this month. Majority of the downloads of Instagram came from Google Play Store (46 million), while only 7 million downloads were from App Store.

The second most downloaded app on App Store and Play Store combined was TikTok (45 million) in November 2024. TikTok was the third most downloaded app on Google Play as well as App Store, but most of its downloads came from Play Store (34 million). Now a new question arises about whether TikTok will stay in the lead or not if it gets banned in the USA.

With 44 million downloads on Apple Store and Play Store, WhatsApp was the third most downloaded app overall in November 2024. WhatsApp saw some rise in its number of downloads, with Facebook going to fourth spot with 37 million total downloads. ChatGPT was the fifth most downloaded app in November 2024 on Google Play Store and Apple App Store. Other most downloaded apps in the top ten were Threads (30 million), Temu (30 million), Telegram (24 million), Capcut (22 million) and Snapchat (21 million).

The most downloaded app on iOS App Store in November 2024 was Threads (11 million), followed by ChatGPT (11 million) and TikTok (10 million). The most downloaded apps on Google Play in November 2024 were Instagram (46 million), WhatsApp (38 million) and TikTok (34 million). There was also a rise in downloads of Google Maps and Google seen on iOS Play Store in November 2024, with 8 million downloads each.

• Also read: Tech’s Winners and Losers of 2024: OpenAI Shines, Apple Stumbles, X Loses Its Way

According to the estimates by Appfigures, there were a total of 338 million downloads of the top ten apps on Apple App Store and Google Play Store in November 2024. It is a bit lower than October 2024, but still consistent so there's no need to be alarmed.

In a nutshell, the success of Threads and Temu suggests users are increasingly gravitating toward diverse digital ecosystems and budget-friendly e-commerce options. Threads is leveraging Instagram’s massive user base to challenge X, while Temu highlights a growing preference for affordable online shopping. The rise of ChatGPT further indicates the mainstream adoption of AI tools, blending social interaction with AI-powered functionalities. Meanwhile, TikTok’s continued dominance is now under scrutiny, with potential U.S. bans prompting speculation about how platforms like Instagram Reels or YouTube Shorts might capture displaced users.

• Related: Most of the Metaverse Platforms Lack Proper Security Measures and this Can Make them Vulnerable to Attackers

Read next: TikTok Leads November 2024 App Revenue Charts with $298M, Outpacing YouTube and Streaming Giants
by Arooj Ahmed via Digital Information World

Most of the Metaverse Platforms Lack Proper Security Measures and this Can Make them Vulnerable to Attackers

Metaverse platforms promise its users that they can access virtual worlds from the privacy and comfort of their homes and can interact with others in a secure and private manner. But research by CISPA found that this is just an empty promise, because metaverse can have significant risks like lack of privacy which can result in rise in cyberattacks. The researcher, Andrea Mengascini, said that during studing metaverse and virtual reality, he found that online games and metaverse use the same technology. Metaverse is a virtual social place where people can interact with each other, within the rules similar to that of the physical world. People can find digital copies of the real world and the system uses JavaScript to manage 3D environments. It not only provides a good interface to smoothly run the virtual world, but is also responsible for security.

The researcher put forward three questions for his research: What type of objects or things exist in Metaverse and how are they assigned? Where are all these things stored and how can attackers access those things in memory?, and how can attackers use memories to exploit the users of Metaverse. The researcher found that there are 27 Metaverse platforms that use WebXR API, and he examined three of them in detail. User activity, popularity, coverage and internet traffic were kept in mind before choosing three platforms. He then captures snapshots that were taken before and after doing a specific action. Afterwards, he checked if any changes took place and if that action he did could be read in the web browser’s memory.

The researcher found that most of the things can easily be read as the browser’s memory is easily accessible. Even if someone is not an expert, he can still have access to it. The developers of those sites have missed some common coding practices that could ensure the privacy of users and won't disclose any information about the client. As a result, hackers can easily access that information and attacks are possible.

Attackers are able to control avatars and even the scenarios that victims are using and they can position themselves in a room where they can hear and watch everything. It's like using VR glasses of users, without them realizing that an attacker is infiltrating their space. The researcher then contacted the developers of those three platforms that were examined and told them about the issue on their platforms. The developers haven't changed anything about their platforms yet, but they may soon try to do anything about it. Andrea Mengascini also said that he has proposed some protection mechanisms that can be implemented on those metaverse platforms to ensure the safety of clients.

Image: DIW-Aigen

Read next: Google's Gemini Struggles to Catch Up to OpenAI's ChatGPT in Download Race on App Stores
by Arooj Ahmed via Digital Information World

The Winners and Losers of 2024: Who Thrived and Who Fell Short?

The tech landscape in 2024 has been full of triumphs and failures. While some companies managed to adapt and push forward, others seemed to lose their way. The key to success? Vision, timing, and the ability to execute.

Here's a closer look at the companies that got it right—and those that missed the mark.

The Winners of 2024

OpenAI: Dominating the AI Space

OpenAI remains the undisputed leader in the AI field in 2024. Its models have only gotten better, and businesses worldwide are relying on its tools to enhance their products and services. The launch of GPT-5 was a game-changer, offering even more advanced capabilities that allowed companies to solve complex problems in record time. OpenAI isn't just offering AI—it’s shaping the future of industries like customer service, content creation, and even software development.

What sets OpenAI apart is its commitment to reliability and its ability to improve constantly. With seamless integrations into everyday tools and platforms, it’s hard to imagine a business in 2024 that isn’t using OpenAI in some form. This is a company that didn’t just predict the future—it built it.

Meta’s Threads: Quiet Success

Threads is Meta’s quiet success in 2024. While other social platforms have come and gone, Threads has found its place with over 200 million monthly active users. The platform succeeded not by trying to beat Twitter at its own game, but by offering something different. Threads is clean, simple, and easy to use, focusing on connecting people rather than creating a chaotic, content-driven experience.

Meta’s approach to Threads was all about listening to what users wanted—less noise and more value. And this attention to user needs has paid off. It’s a reminder that when you focus on giving people what they want, success follows.

Microsoft: Seamless Integration of AI

Microsoft has become the standard for integrating AI into business operations. By embedding AI across its entire suite of products—from Bing AI to Teams to Office—Microsoft has created a system that businesses trust and rely on. Its AI tools are practical and scalable, making them accessible to companies of all sizes.

Unlike some companies that use AI as a buzzword, Microsoft has integrated it into its ecosystem in a way that feels natural and useful. Whether it’s automating repetitive tasks or providing advanced data insights, Microsoft’s AI innovations have made it an essential part of the modern workplace.

The Losers of 2024

Apple’s Vision Pro: A Step Too Far

Apple’s Vision Pro, launched with great fanfare in 2024, turned out to be too ambitious. While the product showcased impressive AR technology, the price point and niche appeal limited its success. At $3,500, it was a hard sell to the average consumer, and even for those with the budget, there wasn’t enough practical use for the device to justify the cost.

The Vision Pro’s problems were not about the technology; it was about timing. Apple entered a space that was still too underdeveloped for mass adoption. The product’s potential is clear, but it felt like a bet on the future rather than something consumers needed right now.

Apple’s failure here lies in overestimating demand and underestimating the time it takes for a new category of product to mature. For now, the Vision Pro is a reminder that innovation must be matched with user readiness.

X (Formerly Twitter): Struggling with Identity

Elon Musk’s acquisition of Twitter was supposed to bring about a new era for the platform. However, 2024 saw X as a platform struggling to find its identity. The company’s attempt to diversify into banking and other services left its core user base confused. Instead of focusing on what made Twitter great—a space for real-time conversation and interaction—X became a confusing amalgamation of services.

User engagement has dropped, and advertisers are growing hesitant. The platform’s experiment with turning into a multi-purpose service may have worked in the short term, but it alienated the very users who built Twitter’s success. X’s inability to focus and refine its core offering is a clear example of what happens when you try to do everything at once.

Google’s AI Search Overviews: A Miss

Google’s new AI-driven search overviews were supposed to change the game in 2024. But the reality didn’t match the promise. Many users found the AI-generated overviews inaccurate, misleading, or just plain wrong. In a year when trust in information is more important than ever, Google’s missteps here were significant.

Google has built its reputation on providing reliable, accurate information. So when its AI-driven search overviews started failing on key topics—finance, healthcare, and technology—it lost credibility. The company's failure to get these details right hurt its brand, reminding us that AI can’t replace human expertise in every scenario.

What’s the Takeaway?

The tech landscape is ruthless. In 2024, the companies that thrived were the ones that understood the importance of focusing on their strengths and timing their moves carefully. OpenAI, Meta, and Microsoft all embraced change but stayed grounded in the needs of their users.

On the flip side, companies like Apple and X got too caught up in ambitious goals without understanding where the market was. Sometimes, innovation is more about waiting for the right moment than rushing ahead with the next big thing.

Success in tech isn’t just about being first or loud—it’s about being smart, reliable, and user-centric. The companies that excelled in 2024 showed us that patience, focus, and a deep understanding of the user’s needs are the true ingredients for success.

Image: DIW-Aigen

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by Web Desk via Digital Information World

Google's Gemini Struggles to Catch Up to OpenAI's ChatGPT in Download Race on App Stores

Gemini is one of the biggest competitors of ChatGPT, and recently it released its app version on iOS App Store. Everyone wants to see if it can catch up to ChatGPT on the App Store in terms of downloads, because when Claude released its app version on the same platform, it failed to reach ChatGPT’s numbers. Catching up to ChatGPT is challenging because ChatGPT is responsible for about half of the AI apps revenue on Google Play Store as well as Apple App Store.

Gemini was released on Google Play Store in February 2024, and since then it has gotten 64 million downloads. ChatGPT, on the other hand, got 130 million downloads in the same time period even though it isn't even a new app. So, this makes us wonder what will be the future of Gemini on Google Play as it doesn't seem to catch up with ChatGPT.

It has been well over a month since Gemini was released on the App Store, and according to data from Appfigures, it has gained 4.5 million downloads since then. Its peak was 250k daily downloads, which is about 25k downloads less when it was initially released on Google Play. Most of the downloads of Google Gemini on the App Store were from the USA, with 26% total downloads, followed by Japan, Brazil, India and the UK. It is an interesting thing because most of these countries have Android phones and Android apps excel there.

Claude was released on the Apple Store in May but has yet to catch up with ChatGPT’s numbers. Similarly, it was also released on Google Play Store in June and the situation is still the same on this platform. Claude has gotten 4 million downloads ever since its release on the App Store, which is even less than Gemini. It doesn't seem that both of these apps, Claude and Gemini, are going to reach ChatGPT’s numbers of downloads on the App Store. ChatGPT has enough brand recognition that it is still managing to capture millions of downloads every month on both Apple Store and Google Store. Many other third party AI apps are also doing better than Gemini and Claude on both platforms, with more downloads and making more money. It is predicted that Gemini and Claude are going to get forgotten between ChatGPT and other third party AI apps.

Read next: TikTok Leads November 2024 App Revenue Charts with $298M, Outpacing YouTube and Streaming Giants
by Arooj Ahmed via Digital Information World

New Survey Shows How Many Children Want to Pursue Influencing as a Career Path

Adobe surveyed 1,000 people in the US between the ages of 18 to 30, and 501 parents of under 18 kids to find out how influencing on social media is shaping career goals and aspirations of young people. The results of the survey showed that one in three people between the ages of 18 and 30 want to be an influencer, with gaming (49%) and lifestyle (46%) being the most desired content category. Boys are more inclined to become an influencer in the gaming category  (68%), while girls prefer influencing about lifestyle(61%). YouTube was the most preferred platform overall for influencing among the respondents.

Upon being asked why they prefer to become an influencer, most replies were of flexibility in work hours, opportunity to show creativity, better pay than other jobs and opportunities for travel. Respondents said that they are also looking for ways to improve their skills in influencing. 49% are learning social media strategy, 45% are learning personal branding and 44% are learning short-form video editing. Most of the aspiring influencers and parents said that influencers should be able to take influencer classes in high schools.

Parents are also facing challenges when it comes to their children’s online social media presence. 25% of the parents said that they allow their children to post on Instagram while 23% parents allow their children to post on YouTube. Overall, 82% of parents monitor their child’s followers on social media platforms, while 83% monitor their child’s posts too. 1 in 4 parents said that they have seen their children pretend to be an influencer while playing. 58% of the parents also said that they don’t allow their children to post on social media.

Parents also have mixed views when it comes to their children becoming influencers. 49% of the parents said that they’d only allow their children to become influencers if they are older than 18, while 24% answered with straight no. The top concerns parents feel if their child is becoming an influencer are loss of privacy (80%), safety risks (79%), negative effect on mental health (74%) and cyberbullying (71%). On the other hand, some parents (38%) think that becoming an influencer will be a good career move for their child.

Read next: Forget Privacy: 59% of Users Don’t Trust Their Data Is Safe—Here’s Why
by Arooj Ahmed via Digital Information World