Who pays the bills: MEN or WOMEN?

The great debate has gone on for years.   Who really handles the money in the home.   Is it the man or the woman in the home who ends up taking care of the financial bills?  Fiserv and The Marketing Workshop recently surveyed 3,029 consumers about the subject of banking and on line bill paying to represent the 90.5 million consumers involved with online banking.   The survey found two astonishing statistics.   One, in 2000 bills by paper check was the majority method where in 2010 bills by paper check is less than one quarter of the primary method of paying bills.  Two, that Generation Y is propelling the future business of mobile banking and personal financial management tools.

As an experienced professional and a founder of a financial advice and planning firm for Generation X and Generation Y, we know that the way households are run and business is done will transform over the next decade.   According to the Fiserv study, 80% of the households that have internet access use on line banking.  What is important to note is how the demographics are shifting on who is using the technology. “The face of online bill payment has changed significantly over the last decade,” said Geoff Knapp, vice president, Online Banking and Consumer Insights, Fiserv. “Early users were tech-savvy and tended to be young and male, as is typical with new technology. Now it’s moms and seniors and people at all income levels using the service. Online bill payment has become mainstream, and there’s still room to grow.”

In a recent informal oXYGen Financial survey of Generation X clients (born 1965 to 1979), we found that more than 65% of household bills are paid by women.    This is even a higher number where  the male partner may be the primary wage earner in the household.    So as mobile banking and person to person payments pick up over the next decade, it may be the guys who love the cool new technology that pick up on it first.   But my guess is that the women will really figure out how to make it work in their personal finances as we know who really runs the money.

Related Reading – Hey Middle Class – It’s 369,000 A Kid! , What If I Need A Cash Advance? , You Don’t Need 3D TV , My Mom knows Car Rentals! , 5 Financial Questions To Ask Yourself Right Now

Build wealth with oXYGen Financial - Request a FREE Consultation Today

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice.   This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000.   PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Ted Jenkin has spent the past 25 years giving personal financial advice to thousands of people across the United States. After graduating from Boston College in 1991, Ted is currently featured as the weekly personal finance expert on Headline News/CNN and regularly contributes to the Wall Street Journal. He also wrote a popular best selling book called 100 Smart Money Moves To Make Now and co-hosts the nationally syndicated podcast The Shrimp Tank.In 2008, Ted founded oXYGen Financial to help revolutionize the financial services industry by creating a new company that focused on serving the X and Y Generation. oXYGen Financial now has more than 3,000 clients throughout 25 states across the country and manages more than $500,000,000 of assets. Ted has been featured in over 100 magazines and is often requested to speak at conferences around the world.Ted lives in Milton, GA with his wife Genna and three kids Olivia, Lyla, and Louden. Email Ted – Click Here 770-777-0427 (800-355-9318 FREE toll free)

2 Comments