Question of the Day

Checking #20

Are millennials who use their mobile phones to pay for things at higher or lower risk for financial mismanagement?

Higher Risk

Compared to non-users, Millennials who use mobile payments are more likely to report that...

• they occasionally overdraw their checking account (33% vs. 19%)
• they used alternative financial services such as pawnshops or payday loans (50% vs. 23%)

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Follow Up Questions

1. Do you use your mobile phone to pay for things? Why or why not?

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• Why do you think users of mobile payments are at a higher risk for financial mismanagement?

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• Describe the psychological difference between making payments with a mobile phone, with a debit card and with cash?

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