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Question of the Day (Updated): How much have Americans increased spending on subscriptions during the Covid Pandemic?

By Mason Butts

Dec 01, 2020

Question of the Day, Behavioral Finance

Answer: Average increase of $192.30

Here is a look at which generations were more likely to sign up for a new subscription service.

Questions:

Have you ever signed up for a monthly subscription?
- If so, what do you subscribe to and how much do you pay?
- If not, do you know any family members who have subscriptions (who knows, maybe you even use their Netflix account:)
Have you ever heard someone complain about signing up for a subscription that they didn't even know about? What happened?
Why do you think consumers have increased their subscription service usage during the Covid Pandemic?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CompareCards):

"The average amount consumers reported spending on new subscriptions due to coronavirus-related circumstances was $192.30. Millennials led all age groups, spending an average of $315.90 on new subscription services. This represents a significant increase over normal spending, considering that a CompareCards survey from March 2020 found that the average American spends just over $50 per month on subscriptions."

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One way to avoid losing track of your subscriptions is to review your credit card statement. Here's an NGPF Fine Print to teach your students how to interpret this statement.

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Want to deepen your content knowledge, earn 10 Academy credits, and a certification badge? Register for an NGPF Certification Course today!

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.