The latest Western Union Money Mindset Index finds that now, more than ever before, consumers want control of their budgets. They are using a variety of bill payment strategies as a means to accomplish this; from prioritizing which bills get paid first to adopting walk-in/urgent payment, web and social media payment channels.
Survey Findings
37 percent of consumers are prioritizing which bills get paid first.
33 percent of consumers are only making the minimum payment on bills.
20 percent are paying “more” bills after the due date.
13 percent have defaulted on one or more bills.
12 percent are using “same day payment” options more often. Rent, mortgage, primary credit card and tuition are most likely paid via “same day payment.”
Gen Y, ages 18 to 34, is more likely to pay bills using “same day payment” than the average consumer. 44 percent report paying “more” bills online in the past six months.
Overall, primary credit cards are most likely paid online, followed by store-branded credit cards, cell phone and cable bills.
Medical bills are most likely paid via snail mail.
Consumers report paying more bills overall.
Survey Methodology
In May 2011, Javelin Research surveyed 3,003 consumers about their current behaviors and emotional mindset regarding debt and personal finance issues. The Western Union Payments’ Money Mindset Index has a margin of error of 1.8 percentage points. The random sample survey targeted respondents based on representative proportions of geography, gender, age, income, and ethnicity as compared to the overall U.S. population.
Similar Posts:
- Survey Shows Credit Unions Satisfying Customers
- The Change In Paying The Minimum Payment On Credit Cards
- Consumers Are Unaware Of The Debt They Carry
- Repair Your Credit Before a Home Search and You Might Get Better Loan Terms
- Professional vs. Consumer Credit Card Offers: Do You Know the Difference?
no comment untill now