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.

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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.

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves


My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

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