It feels like technology has modernized everything we do, so what do most consumers use when making payments?

Answer: Cash (85% reported using cash in the last 30 days)

Photo by Patrick Tomasso on Unsplash

Questions:

• What payment instrument do you use most?
• What are some of the factors you consider when choosing how to make a payment?
• What payment instruments do you think will become more or less popular in the future?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Federal Reserve): 

"As one might expect in the second year of the COVID-19 pandemic, when most businesses were open and the emphasis on physical distancing had declined, the share of consumers using cash in the past 30 days was flat, from 82 percent to 85 percent in 2021. Also in 2021, 95 percent of consumers reported they had used cash to pay in the past 30 days and/or held some cash on their person or stored elsewhere, up from 91 percent in 2020. This change is statistically significant. Shares of consumers using a payment instrument in the past 30 days were flat or slightly increased, except checks, which 46 percent reported using in the past 30 days, compared to 50 percent in 2020, not a statistically significant change."

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PLAY: Payment Decisions is a great way to give students and opportunity to practice choosing how to pay for transactions!

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NGPF's Banking unit will get your students thinking about how they can effectively manage their money!

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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