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Adopting, using, and discarding paper and electronic payment instruments: variation by age and race

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  • Ronald J. Mann
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    Abstract

    This paper uses data from the 2008 Survey of Consumer Payment Choice to discuss the adoption, use, and discarding of various common payment instruments. Using a nationally representative sample of individual-level data, it presents evidence in unparalleled detail about how consumers use different payment instruments. Most interestingly, it displays robust evidence of significant age- and race-related differences in payments choices. Among other things, it suggests that the range of payment instruments adopted and regularly used by blacks is narrower than that chosen by whites, presumably because of relatively limited access to financial institutions. With regard to age, it documents pervasive (and complex) age-related patterns at every step of the decisions to adopt, use, and discard payment instruments.

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    File URL: http://www.bostonfed.org/economic/ppdp/2011/ppdp1102.htm
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    File URL: http://www.bostonfed.org/economic/ppdp/2011/ppdp1102.pdf
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    Bibliographic Info

    Paper provided by Federal Reserve Bank of Boston in its series Public Policy Discussion Paper with number 11-2.

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    Date of creation: 2011
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    Handle: RePEc:fip:fedbpp:11-2

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    Related research

    Keywords: Payment systems ; Consumer surveys ; Credit cards ; Cash transactions ; Electronic funds transfers;

    This paper has been announced in the following NEP Reports:

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    1. Mark Aguiar & Erik Hurst, 2007. "Life-Cycle Prices and Production," American Economic Review, American Economic Association, vol. 97(5), pages 1533-1559, December.
    2. Kevin Foster & Erik Meijer & Scott Schuh & Michael A. Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
    3. Lex Borghans & Bart H.H. Golsteyn & James J. Heckman & Huub Meijers, 2009. "Gender Differences in Risk Aversion and Ambiguity," Working Papers 200903, Geary Institute, University College Dublin.
    4. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-30, October.
    5. Sujit Chakravorti & Victor Lubasi, 2006. "Payment instrument choice: the case of prepaid cards," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 29-43.
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