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...
Question of the Day: What is the #1 contactless (mobile wallet) payment method?
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!
Questions:
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...
Question of the Day: What is the most popular finance app in the IOS (iPhone) Store?
By Tim Ranzetta
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Dec 19, 2018
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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)...
FinCap Friday: Tappity-Tap!
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Nov 29, 2018
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FinCap Fridays, 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.
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Be sure to check out more FinCap Fridays here. ...
Chart of the Week: Digital Wallets
By Tim Ranzetta
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Nov 28, 2018
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Chart of the Week, Payment Types, Current Events, Debit Cards, Credit Cards
This chart comes courtesy of Wall Street Journal (sub. required):
Questions:
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...
Question of the Day: How many payment transactions does a consumer make in a typical month?
By Tim Ranzetta
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Nov 26, 2018
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Payment Types, Question of the Day, Credit Cards, Debit Cards, Checking Accounts
Answer: 70
Questions:
How many payment transactions do you make in a typical month?
What are the various ways that you pay for things? List them from most to least popular.
How do you keep track of your payment transactions?
How do you think the way you pay for things might change as you get older?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from CBInsights):...
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...
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