Nov 08, 2019
Financial Literacy, Entrepreneurship, Payment Types, Credit Cards, Investing, Cryptocurrencies, Retirement
Financial and Economic Literacy
People don’t know as much as they think they know about money. (Kiplinger)
Teens think economics is an important subject, yet they don’t grasp key concepts even after taking an economics class. Here are some suggestions for making the education more effective. (PRNewswire)
The CEO and founder of Pliquit wrote an article for Forbes encouraging banks to step in and take advantage of Gen Z’s consumption of media to fill their financial literacy...
Oct 11, 2019
Cryptocurrencies, Economics, Payment Types
What if the US Federal Reserve stops printing currency and minting coins, going to purely digital dollars. How would this differ from life today, where many of us never actually touch cash? How would this differ from private crypto-currencies? What role will commercial banks play in this new system? Where does the Federal Reserve Bank stand on this issue? If dollars no longer exist physically, does it change the dollar’s standing globally?
Given that the US has not yet planned...
Sep 29, 2019
Question of the Day, Payment Types, Debit Cards, Credit Cards, Research
Thanks to Julius Prezelski for pitching this idea and pointing out a new research study from the Federal Reserve.
Debit cards 28%
Credit cards 23%
Does this match your experience?
What purchases are you most likely to use cash? use debit cards?
Do you think these answers vary based on your age? If you polled your classmates, what do you think the answer would be?
Click here for the ready-to-go slides for this Question of the Day that you...
Jul 17, 2019
Payment Types, Debit Cards, Credit Cards
I speak to users of payment apps about their experience, and they assure me they are very careful and are confident they are always paying the right person the correct amount. While I don’t use Venmo myself (yet), I have watched the demos and watched my kids use it. I like the functionality, and I understand that 99.9% of the time, you are paying funds to or requesting funds from one of your contacts, which explains users’ confidence. (For the life of me I don’t understand why...
Jul 08, 2019
Checking Accounts, Payment Types
What’s new with checking accounts, and banking in general? In a word, technology…..it changes how we bank, where we bank, and how banks themselves are evolving to compete with all FinTech players have to offer.
How banks are changing
Banks have offered online bill pay for a while now. According to the Federal Reserve, check writing has declined by 3-5% each year between 2012-2017 as a result. What you might not know is that 20% of these payments are still made with a physical...
May 06, 2019
Question of the Day, Checking Accounts, Payment Types
a) Percent of millennials that use peer-to-peer payments (e.g., Venmo) weekly
b) Percent of customers that change banks in a given year.
c) Percent of Americans under 25 that would rather go without their wallet than their phone
Answer (from Economist; subscription required):
Do you use a peer-to-peer payment service? Why or why not?
Why do you think that such a low percentage of people change banks ever year?
Would you rather go...
Apr 26, 2019
Financial Literacy, Paying for College, Career, Payment Types, Investing, Economics
Interesting data/graphs in this piece from pymnts.com on Americans’ inability to save money and how they manage their bills and debt.
(Forbes) lists the six things high school graduates should have access before moving on in life….and yes, financial education is #1.
Could early financial education lead to higher earning? (Benzinga)
There are great anecdotes in this piece about not making your personal finance lessons (books, blogs, etc.) too...
Apr 19, 2019
Financial Literacy, Career, Investing, Behavioral Finance, Payment Types, Retirement, Current Events
NGPF is in this list of quality free curriculum (and training) for personal finance teachers—no excuse for not being prepared!(Marketwatch)
Need some inspiration this weekend? Read this Marketwatch piece about Troy Murphy’s pursuit of spreading financial literacy. NGPF fellow Kerri Herrild’s Giving Project and Daniel LaSalle’s Philly Financial Cooperative are the beneficiaries of Troy’s work. Then listen to the podcasts Tim has done with all...
Apr 12, 2019
Financial Literacy, Investing, Payment Types, Career, Cryptocurrencies, Current Events
Our second list of Financial Literacy Month includes some extra articles on the topic.
An interview with the CEO of Chase Consumer Banking highlights her passion for financial literacy. (NYT)
Annamaria Lusardi presents data/research on why financial literacy matters. (CNBC)
Along similar lines, the St. Louis Fed discusses what financial literacy is. (St. Louis Fed)
MarketWatch republished one of Jonathan Clement’s Humble Dollar posts with the 45 steps to having a...
Apr 08, 2019
Did you see last week's FinCap Friday on Disappearing Dollars?
Here is a bit more on the topic.
Earlier in March, Philadelphia Mayor Jim Kenney signed a bill into law that requires brick and mortar stores1 and restaurants to accept cash, becoming the first city in the US to ban cashless stores. New York, San Francisco, Chicago and Washington DC are all reportedly considering similar measures. The New Jersey legislature has passed a cashless ban also, and if the Governor signs it into law, New...
Jan 29, 2019
Payment Types, Question of the Day, Checking Accounts, Research
Answer: Other (In person, by mail or by phone)
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?
Jan 23, 2019
Question of the Day, Payment Types, Current Events
Answer: Apple Pay
Apple Pay 77% of mobile wallet transactions
Samsung Pay 17%
Google Pay 6%
Hat tip to Beth Tallman for passing along this idea!
Do you/do you plan to use your mobile phone to make contactless payments at stores? Why or why not?
Recent research suggests that those using digital wallets often exhibit riskier financial behavior. Why do you think this is the case?
Digital wallet transactions account for about 9% of global digital transactions. What do you...
Dec 19, 2018
Question of the Day, Checking Accounts, Research, Teaching Strategies, Payment Types
Answer: Cash App (Square)
From App Annie (December 12th 2018)
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)...
Nov 29, 2018
FinCap Friday, Current Events, Credit Cards, Payment Types, Debit Cards
More and more people opt into using mobile payments because of the speed and ease of transacting, but now Chase and VISA are jumping on the opportunity to offer a faster and easier way to make payments! In this week's segment, we take a closer look at contactless payments, also known as "tap to pay." Click the image below for the slides.
Be sure to check out more FinCap Fridays here. ...
Nov 28, 2018
Chart of the Week, Payment Types, Current Events, Debit Cards, Credit Cards
This chart comes courtesy of Wall Street Journal (sub. required):
In your own words, what's a digital wallet? Here's a description from Investopedia.
Which companies listed in the chart are you familiar with? Would you trust them to store your debit/credit card information?
Digital wallets now comprise about 1% of U.S. card transactions. What do you think that percentage will be in five years?
What do you think is the appeal of a digital wallet to consumers? to...