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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

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.

Suggested Citation

  • Ronald J. Mann, 2011. "Adopting, using, and discarding paper and electronic payment instruments: variation by age and race," Public Policy Discussion Paper 11-2, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbpp:11-2
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    References listed on IDEAS

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    1. Arthur B kennickell, 2008. "The role of over-sampling of the wealthy in the survey of consumer finances," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 403-408, Bank for International Settlements.
    2. Lex Borghans & Bart H. H. Golsteyn & James J. Heckman & Huub Meijers, 2009. "Gender Differences in Risk Aversion and Ambiguity Aversion," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 649-658, 04-05.
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    4. Sujit Chakravorti & Victor Lubasi, 2006. "Payment instrument choice: the case of prepaid cards," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 30(Q II), pages 29-43.
    5. Schuh, Scott & Stavins, Joanna, 2010. "Why are (some) consumers (finally) writing fewer checks? The role of payment characteristics," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1745-1758, August.
    6. Kevin Foster & Erik Meijer & Scott Schuh & Mike Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
    7. Una Okonkwo Osili & Anna Paulson, 2007. "Understanding Immigrant-Native Differences in Financial Market Participation," NFI Working Papers 2007-WP-19, Indiana State University, Scott College of Business, Networks Financial Institute.
    8. 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.
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    Cited by:

    1. Funmilola Omotayo & Oluwatobi Dahunsi, 2015. "Factors Affecting Adoption of Point of Sale Terminals by Business Organisations in Nigeria," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 5(10), pages 115-137, October.
    2. Anneke Kosse & David-Jan Jansen, 2011. "Choosing how to pay: the influence of home country habits," DNB Working Papers 328, Netherlands Central Bank, Research Department.

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    Keywords

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