Question of the Day: How many payment transactions does a consumer make in a typical month?

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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):

Additionally, this rise of these new products comes at a time when consumers are opting for debit cards over credit cards.

US consumers aged 18+ make an average of 70 payments per month, with debit cards accounting for 32% of those purchases, according to a 2017 study by the Boston Fed. Cash is the second most common payment method (27%), while credit cards fall in third place (23%).

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In this NGPF Project: Payment Decisions, students make choices about how to pay for certain items while explaining their rationale.

 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.