According to a new study by the the Boston Fed, the “average American exchanges money for goods or services 73 times a month.” When it comes to how Americans prefer to pay, the results may surprise you. By percentage of transaction the actual spending happens in this manner:
- 50% with plastic (debit 31%, credit 18%, prepaid 1%),
- 41% with paper (cash 29%, checks 11%, money order 1%),
- 9% electronic, and
- 1% other.
So What?
It seems hard to believe, but the statistics clearly show that Americans use cash more often than credit cards and about as often as debit cards. It is, at least for me, equally interesting to note that checks and electronic payments each account for close to 10% of all transactions.
- How do your buying habits compare to these national averages?
- Given the wide preference of payment types used, how friendly is your congregation to accepting whatever form of payment/contribution a member or guest may prefer? Asked differently, which of the following does your congregation accept for donations: debit, credit, cash, check, electronic?