The fourth wave of a special weekly report snapshot of the Logica Research Future of Money Study was released today, looking at changes in the way people pay during the pandemic.
Why was the research conducted?The report provides actionable, current insights to organizations to help improve people's financial lives as they navigate the upheaval of COVID-19.
How was the research conducted?The insights in this Future of Money snapshot report are based on an online survey of 1,000 U.S. Adults 18 and over, balanced on gender, income, and generation. The report also includes an augment of 200 older Gen Zers (16-23), not included in total. Results are not weighted. Qualitative in-depth dyad interviews were also conducted during this wave to gain additional insights into Americans’ current financial experiences.
What are the key findings of the research?-More Americans used their debit card to pay for their last in-person purchase compared to the fall of 2019 (36% vs. 31%), while fewer used cash (22% vs. 25%).
-For online purchases, debit card usage increased from the fall of 2019 (30% vs. 25%) and credit card usage is slightly up (36% vs. 34%).-
-About one in ten Americans are using installment credit options like PayPal Credit more now than before COVID-19, led by the younger generations.
-And almost one in five are using peer-to-peer payments more now than before COVID-19, again with younger generations leading the way.
Contributor's Name: Michelle Andre