Question of the Day: What percent of 14-22 year olds have a bank account?
Answer: 67%
Questions:
Do you have a bank account? Why or why not?
If so, at what age did you open it? How do you use your bank account?
What do you think the 1/3 of 14-22 year olds who don't have a bank account do with their money?
This study surveyed 14-22 year-olds. At what age in this range do you think that more than 50% have a bank account? Explain.
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from American...
QoD: Can "free" checking accounts have fees?
Answer: Yes, as long as they are not maintenance or activity fees.
Five fees that are not considered maintenance or activity fees:
check-printing fees,
balance-inquiry fees,
dormant account fees,
stop-payment fees, and
ATM or electronic transfer fees not required to obtain an account
Questions:
Do you think it is misleading to have checking accounts advertised as "free" when they do have fees?
Do you think you might incur any of the fees mentioned above?
How can you find out...
Read the Fine Print: Overdraft Protection
What do financial institutions like to hide in the fine print? If they keep "hiding the ball" there we better teach our students to "read the fine print!"
Here are a few leading banks and the "footnotes" (small print and bottom of page) that you can find on their Overdraft Protection pages:
Bank #1 [click to go to source]:
Bank #2 [click to go to source]
Questions:
Click on one of the bank links above and analyze the overdraft services provided by the bank. Identify pros/cons of each of...
QoD: What's the top financial app in the App Store: Venmo, Cash App or PayPal?
Answer: Cash App
From App Annie (3/1/19):
Questions:
Why do you think these person-to-person apps are so popular (top 3 on the list)? When do you think people find these apps most useful?
Do you have any finance apps on your phone? Why or why not?
What do you think are the most important criteria in choosing which finance apps to use?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Motley...
QoD: What was the highest grossing movie in 2018?
Answer: Black Panther with $700 million in ticket sales
Questions:
How many of the top-10 movies did you see in 2018?
How many did you watch at the theater? on a streaming service?
How do you decide which movies to watch while in the theaters or on a streaming service?
Despite the fact that streaming services are becoming increasingly popular, ticket sales at movie theaters hit a record high in 2018. Why do you think this is the case?
Click here for the ready-to-go slides for...
QoD: This week, the CEO of a major U.S. bank said tens of thousands of call center jobs could be replaced by ____________________.
Answer: Machines
Questions:
What types of tasks do you think a bank call center employee handles (i.e. why do people call a bank's 800 number)?
If you were a call center employee at this bank or at other companies, would you be worried?
What kind of tasks do you think machines will likely replace humans in the future?
What kind of jobs do you think are safe and will not be automated in the future?
Click here for the ready-to-go slides for this Question of the...
QoD: How much did consumers pay in overdraft fees in 2017 (in billions)?
Answer: $34.3 billion
Here's how the average fee has grown over the past decade:
Questions:
In your own words, what does it mean to overdraw your account?
Why do you think that banks collect so much in overdraft fees from consumers?
Young people are particularly susceptible to these fees. What steps can you take to avoid these pesky fees?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Wealth...
Question of the Day: What is most cited reason people give for not having a bank account?
Answer: Do not have enough money to keep in account
Cited = named as a reason for not having an account
Main = percent of respondents that listed the reason as the main reason for not having an account.
Questions:
What's the minimum amount you think you need to have a bank account?
Do you think it’s important to have a bank account? Explain.
The number 2 item cited for not having a bank is "don't trust banks." What do you think leads to this distrust?
Respondents also indicated...
Question of the Day: Is more money stolen through hacks of cryptocurrency (e.g., bitcoin) accounts or bank robberies?
Answer: Hacks of cryptocurrency accounts
Crypto; In the first half of 2018 alone, over $1 billion was stolen from crypto accounts. Typically not protected or insured by a third party.
Bank robberies: About $2 million is stolen a year from bank robberies
4,000 bank robberies average $4,000 per theft for $16 million but 86% are solved so only 14% or about $2.0 million is lost. Note that these thefts are covered by bank insurance policies so no loss to accountholders.
Questions
What...
Question of the Day: How do most Americans pay their bills: online, automatic, or other (by phone/by mail/in-person)?
Answer: Other (In person, by mail or by phone)
Questions:
Why do you think such a large percent of people still pay bills using these "old school" ways?
Do you know how your parents/guardians pay their bills?
What might be one risk with setting up your credit card bill to be paid automatically from your checking account?
The mean number of bills paid per consumer is 21. How do you think people keep track of all of these bills so they don't miss one?
Here's...
FinCap Friday: Bye Bye Banks?
In this FinCap Friday we chronicle the epic battle being waged between the well-established banks and the upstart FinTech competitors. Once a blip on the radar for the big banks, several of these emerging companies have earned unicorn status and are valued privately at more than $1billion. Why? Blame mobile phones, the comfort level that younger generations have with conducting business (including banking) online and the FinTech focus on creating a great UX (user experience) on their apps. Find...
Reading List for Jan 5-6
By Beth Tallman
|
Jan 04, 2019
|
Personal Finance, Checking Accounts, Investing, Stocks, Mortgages, Paying for College, Economics
Happy New Year! Our first reading list of the year includes a couple of pieces that take a look back at 2018, including the wild ride on the stock market, as well as some "newer" news. Enjoy!
Personal Finance
Our friend Barbara O’Neill provides a great overview of what happened in the world of Personal Finance in 2018. (Journal of Financial Planning)
Beth Kobliner examines a Brooking Institute report on Artificial Intelligence and relates it to Financial Literacy....
Question of the Day: What is the most popular finance app in the IOS (iPhone) Store?
By Tim Ranzetta
|
Dec 19, 2018
|
Question of the Day, Checking Accounts, Research, Teaching Strategies, Payment Types
Answer: Cash App (Square)
From App Annie (December 12th 2018)
Questions:
How comfortable are you using financial apps on your smartphone?
How many of these apps do you currently use? plan to use in the future?
How would you group these apps into different categories?
Are there any financial apps not listed here that you use?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Motley Fool)...
Interactive Monday: How Much Will You Pay Over Your Lifetime In Banking Fees?
It's easy to lose track when you are getting nickeled and dimed every month with a non-network ATM fee here or a monthly maintenance fee there or even that dreaded overdraft fee. Have you ever pondered that depressing thought of what that might amount to over a lifetime? This interactive from NerdWallet does that very analysis, by calculating the bank expenses one would pay over a lifetime based on a certain set of assumptions about the cost of various fees and the number of occurrences. ...
Before your students step foot on a college campus and visit those banking booths...
...they might want to ask the banker "Are you sharing my fees with the college so every time I overdraw my account...my college benefits?"
Here's the data showing the average costs by bank:
From MarketWatch:
During the 2016-2017 academic year, students using college-endorsed debit or prepaid accounts paid $27,600,000 in account fees, according to the report. And students tended to pay more fees when financial institutions paid their colleges to promote the accounts. That could...
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