Question of the Day: How long has the average U.S. adult used the same checking account?
Breaking up is hard to do...and that's true with banking relationships too.
Answer : 17 years
- Do you think it is a good idea to have such a long-term relationship with a bank? Why or why not?
- Why do you think that adults tend to stick with the same bank for such a long period of time?
- What would make you want to switch banks?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
U.S. adults on average have used the same primary checking account for more than 17 years and the same savings account for nearly 17 years, the survey found. The reasons largely centered on convenience. While that sounds sensible, plenty of consumers — especially younger ones who are paying more in monthly fees than older generations — could benefit from replacing their accounts with better options.
Want students to experience what it feels like like to open a bank account? Check out this NGPF Activity, Role Play: Opening A Savings Account
Wondering what all the fuss about Chat GPT is about? Learn more at this upcoming NGPF virtual PD on Wednesday: Using Chat GPT in your personal finance classroom.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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