Oops! How Does One Undo Payment Mistakes?
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...
What's New With....Checking Accounts (and ways to spend from them)?
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...
QoD: Match up the percent with the correct item below: 8%, 50%, 75%.
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):
a) 50%
b) 8%
c) 75%
Questions:
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...
Reading List for April 27-28
Apr 26, 2019
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Financial Literacy, Paying for College, Career, Payment Types, Investing, Economics
Financial literacy
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...
Reading List for a holiday weekend (April 20-21)
By Beth Tallman
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Apr 19, 2019
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Financial Literacy, Career, Investing, Behavioral Finance, Payment Types, Retirement, Current Events
Financial Literacy
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...
Reading List for April 13-14
By Beth Tallman
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Apr 12, 2019
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Financial Literacy, Investing, Payment Types, Career, Cryptocurrencies, Current Events
Financial Literacy
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...
The "Costs" of Going Cashless
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...
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 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.
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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...
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