Before we get to the Answer...

In October, we made the bold decision to create a daily Question of the Day for the 2017-2018 school year....and we made it! A huge thank you to Danielle for her assistance! For those of you still in session, we have this incredible list (sorted by topic) for you to choose from. Questions of the Day will resume again in early August. In the meantime, please let us know how you used them in your classroom and your students' favorites (and any great questions of the day you would like for us to answer!). Enjoy your summer!

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Answer: Higher risk

Questions:

1. Do you use your mobile phone to pay for things? Why or why not?
2. Why do you think users of mobile payments are at higher risk of financial mismanagement?
3. Describe the psychological difference between making payments with a mobile phone, with a debit card and with cash?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from GFLEC research on Millennial Mobile Payment Users):

Compared to non-users, Millennials who use mobile payments are more likely to report that

• they occasionally overdraw their checking account (33% vs. 19%)
• they paid fees on their credit cards in the past 12 months (58% vs. 45%)
• they made withdrawals from their retirement account (37% vs. 9%)
• they used alternative financial services such as pawnshops or payday loans (50% vs. 23%)

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.