July 31, 2015 Fact of the Day: Who still uses checks?
Did you know that only 12 percent of individuals continue to pay most of their bills via traditional checks? Why?
a. These investors primarily pay bills via check because the don’t trust online bill payment (40 percent) and 42 percent prefer to have a paper trail.
b. Thirty percent indicate they don’t see a reason to change what they have been doing. Twenty eight percent feel it is easier to write a check.
c. Those households with less than $100,000 are the most likely to say they don’t see a reason to change what they are doing at 57 percent.
d. Fifty percent of Business Owners don’t trust online and prefer to have a paper trail.
e. Forty one percent of individuals over the age of 61 don’t see a need to change what they have been doing.
Online bill payment, as well as online investing, continue to increase in popularity. Financial advisors and providers need to make these tasks easier for investors….and investors need to learn to seek the right information. Do you pay bills or invest online? Clearly you’re not alone.
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