June 26, 2015 Fact of the Day: Who pays the bills in affluent households?
Who pays the bills in your household? Apparently, gender has little influence on who the chief bill-payer is in each household. In recent research with wealthy investors conducted by Spectrem Group, it was found that in 35 percent of households the husband paid the bills while in 30 percent of households the wife paid the bills. In 28 percent of households, both individuals paid bills. In wealthier households, those with more than $5 million of net worth, husbands were more likely to pay the bills at 45 percent.
a. In sixty percent of households, online bill payment is the preferred approach. Twenty-eight percent prefer auto-pay. Only 12 percent continue to write traditional checks.
b. Interestingly, age has little impact on how bills are paid with 56 percent of those over 61 choosing online bill payments compared to 53 percent of those under the age of 40.
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