July 8, 2015 Fact of the Day:  What percentage of wealthy households pay bills online?

 

 

Did you know that 60 percent of wealthy households prefer to pay bills online and 52 percent of their bills are paid through that method.

 

 

 

Thirty two percent of their bills are paid via auto payment and only 17 percent are paid by check.

a.        Less wealthy households , those with less than $100,000 of net worth, pay more of their bills (58 percent) via auto-pay.

b.      Business Owners pay 29 percent of their bills via a traditional check compared to 16 percent of other occupations. 

c.       Age has little impact on the percentage of bills paid via online, via auto-pay or through checks.

d.      Why don’t individuals pay bills online?  Forty percent don’t trust it.

How do you pay your bills?  Is you checking account linked to your other accounts?  Is that important to you?  Watch for an increasing number of providers to be able to link your accounts together to make life easier.

 

To find out more about Millionaire investors and their social media and technology preferences, click here or contact Randy Wostratzky at rwostratzky@spectrem.com or 224-544-5195