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)
- 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?
Behind the numbers (from Federal Reserve Bank of Boston):
Most bills are paid by using a card or electronic methods. In a typical month in 2017, consumers on average paid 12.9 bills automatically or online, and 8.4 bills by mail, in person, or by phone. This means that they paid 6 in 10 bills using methods that don’t require a paper check 7 Statistically significant at the .05 level. 15 or cash. However, the share of bills paid online did not increase from 2015 to 2017. As noted above, bills represent about 30 percent of consumer payments overall.
Your students will learn when to use different forms of payment in this NGPF Project: Payment Decisions