Question of the Day: What is the most popular financial app on the iPhone?
By Tim Ranzetta
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Aug 13, 2018
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Checking Accounts, Behavioral Finance, Current Events, Payment Types, Research, Question of the Day
Answer: Cash
Here's the leaderboard as of 8/2/18 (from SimilarWeb):
Questions:
Do you have financial apps on your phone?
If so, which do you use most often?
If not, why not?
What are the pros of cons of using your mobile phone to manage your bank account?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from Quartz):
As more payments take place electronically and bank branches slowly disappear, your...
Last Question of the Day: Are millennials who use their mobile phones to pay for things at higher or lower risk for financial mismanagement?
Before we get to the Answer...
In October, we made the bold decision to create a daily Question of the Day for the 2017-2018 school year....and we made it! A huge thank you to Danielle for her assistance! For those of you still in session, we have this incredible list (sorted by topic) for you to choose from. Questions of the Day will resume again in early August. In the meantime, please let us know how you used them in your classroom and your students' favorites (and any great questions of the...
Question of the Day: Where do consumers use their debit cards most? a) Fast-food dining b) Gas station c) Supermarket
Answer: Supermarket, with almost 50% of consumers choosing to use their debit card.
From Visual Capitalist:
Questions:
Why do you think people choose debit over credit when it comes to shopping at supermarkets?
How do you decide whether to use cash or your debit card when buying something?
Why do you think credit cards are most popular at department stores?
Click here for the ready-to-go slides for this Question of the Day that you can...
Question of the Day: What percent of Starbucks transactions come from mobile phones?
Answer: 30%
From Visual Capitalist:
Here's another fun fact: Starbucks has over $1.2 billion in deposits loaded on Starbucks cards (from MarketWatch), more than many banks:
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Here are ready-to-use Question of the Day slides to use in your classroom.
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Questions for students:
Have you ever used your mobile phone to make payments? Describe the transactions you have made.
What are the advantage of using your mobile phone for payments?
Do you think it's easier to...
Financial Education Explained by Danielle: The Cost of Trust
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Nov 14, 2017
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Financial Scams, Personal Finance, Article, Payment Types, Budgeting, Savings
Last week, one of my friends experienced a financial pitfall that most of us only ever hear about and hope to avoid. For the past five months, my friend's monthly rent money was not making it to their landlord because their roommate had been pocketing it. To give some context: most landlords require a single rent check for each unit that they own. To achieve this in a multiple person apartment, one roommate—typically the original or most responsible tenant—usually inherits the...
Current Events: What's New With Overdraft Fees?
As readers of the blog know, overdraft fees are big profit generators for the big banks. Tens of billions of dollars big. So, what's new? The CFPB sees these large fees (average of $34 per overdraft) and wonders whether consumers really understand what they are signing up for when they opt-in to overdraft protection. This current event is a good opportunity to blend a discussion about policy while helping your students better understand a checking account "gotcha."
Let's start at the beginning....
Question of the Day: Why Can't We Give Up Writing Checks?
By Tim Ranzetta
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Aug 08, 2017
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Checking Accounts, Current Events, Question of the Day, Payment Types
For those educators out there still teaching students how to write checks, you have been vindicated!
From Bloomberg:
In an era of smartphones, online banking, and Venmo transfers, the U.S. still can’t seem to wean itself off paper checks. In most countries, they’ve gone the way of the fax machine and the rotary telephone. But their demise isn’t coming to America any time soon.
Americans still reach for their checkbooks more than anybody else. In 2015, they each made 38...
Article: How Is Venmo Changing The Nature of Friendships?
Hat tip to Jessica for this fascinating article about how the payment app Venmo is affecting friendships. Watch your students squirm as they discuss how they use Venmo with their friends.
From NY Times:
Margaret Pennoyer, an elementary school teacher in Manhattan, had just returned from a bachelorette party in Napa Valley when she received an email that had been sent to all the guests. The two organizers had itemized each woman’s individual expenses, which they had covered, and requested...
Another Step Towards A Cashless Society...
VISA providing incentives to small business owners to NOT accept cash. From Denver Post:
For years, mom-and-pop shops and food trucks alike have shuddered at the expense of credit card transactions. It’s not uncommon, for example, for small businesses to have minimum dollar amounts for card purchases. Some still don’t accept them at all or gently inform customers they prefer cash.
Credit-card behemoth Visa launched a campaign to change that Wednesday. The campaign to go cashless — or the...
What is Bitcoin and How Does Cryptocurrency Work? (A Primer)
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Jun 01, 2017
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Current Events, Identity Theft, Investing, Financial Literacy, Payment Types, Article, Math, Cryptocurrencies, Economics
Recently, Bitcoin, the most famous of the cryptocurrencies, has soared to all-time highs (Fortune, May 2017), increasing the amount of press attention and internet searches (Google Trends, May 2017) surrounding the little-known digital currency. We’ve also heard this question from many of our users, “what is Bitcoin and what do my students need to know about cryptocurrencies”? You are not alone! 83% of respondents in a 2015 survey conducted by PwC were “slightly...
NGPF Podcast: Tim Talks To Teacher-Innovator Tara Kelley of Harwood Union HS (Vermont)
By Tim Ranzetta
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May 30, 2017
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Credit Cards, Payment Types, Teaching Strategies, Math, Featured Teachers, Podcasts
I had a great conversation recently with NGPF Teacher Innovator Award winner, Tara Kelley, a math teacher from Harwood Union High School in Duxbury, Vermont. Tara created a Spring Break Project (who doesn’t want to plan a spring break vacation?) which allowed her students to explore the cost of using a credit card to pay for their Spring Break vacation. They learned through this activity the impact that changing their monthly credit card payments has on the total...
What Is the Most Common Form of Non-Cash Payments?
Answer: Debit cards (by a long shot)
From Federal Reserve (hat tip to Big Picture Blog):
_______
On the subject of debit cards, check out the NGPF Lesson: Pick A Payment Method where your students will learn the various pros/cons of different payment methods.
...
Chart of the Week: What Are Your Two Favorite Platforms for Watching "Television?"
By Tim Ranzetta
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Apr 19, 2017
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Budgeting, Research, Payment Types, Purchase Decisions, Current Events, Chart of the Week
The answer to this question has budgetary implications given how the cost differential between the platforms. If you are a millennial, your top four platforms, based on a recent survey, are:
Netflix
Cable TV
Hulu
Amazon Prime
Hat tip to VisualCapitalist for this infographic:
Questions for your students:
What are your two favorite platforms to watch television? How about your parents/guardians?
What are top rated platforms for millennials? for non-millennials? How do they differ?...
What Are We Watching? Three Of Our Latest Curated Videos
By Tim Ranzetta
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Apr 18, 2017
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Checking Accounts, Research, Credit Cards, Savings, Debit Cards, Payment Types, Teaching Strategies
The NGPF Team is always scouring the web for videos to add to our Video Library. Here are the latest that the team has uncovered:
Pay Day 101: Direct Deposit (from Young Illinois Saves), duration of 3:48, provides a good description of how direct deposit works from the perspective of young adults:
Questions:
In your own words, what is Direct Deposit?
How can you set up Direct Deposit?
Is Direct Deposit safe?
What are the benefits?
Which of the benefits of Direct Deposit means the most to you?...
What Percentage of IPhone Users Have Tried Apple Pay?
By Tim Ranzetta
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Apr 05, 2017
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Payment Types, Behavioral Finance, Question of the Day, Research, Current Events
Answer (from WSJ): 13%
Back in 2014 (eons ago in the tech industry), we marked the launch of Apple Pay with a post that included several news summaries and the potential that Apple saw in the product. We had students analyze the stories and then answer that personal question “Would you use Apple Pay?” Apparently the answer for most IPhone users two years later is a resounding “No.”
Jessica also wrote a post in early 2015 asking the question “Can Teenagers Use...
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