Millennials like debit over credit

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Gen Y avoids debt and may prefer debit rewards.by: Stephanie Schwenn SebringAccording to a recent Wells Fargo survey, Millennials are leery of debt after seeing what transpired during the 2008 economic recession. Many feel consumed by debt already (42 percent say debt is their biggest financial concern) while carrying excess amounts of student loans on top of a car loan and mortgage.So it’s not so surprising that Millennials don’t want credit cards. As reported by Tech Times, 18- to 29-year-olds prefer debit over credit by a 3:1 margin. Why is this so important? Millennials are also the largest generation in the United States. According to the U.S. Census Bureau, ages 15 to 34 represent about a third of our total population.As statistics indicate, the implications are enormous regarding market share and meeting the digital banking needs of Millennials.Annie Cox, director/growth solutions for CUES Supplier member PSCU, St. Petersburg, Fla., says Millennials prefer debit over credit card rewards. “They’re already overwhelmed with debt, including a significant amount of student debt, so credit isn’t their first choice for payments.” continue reading »last_img read more

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12 predictions for how tech will change your financial life in 2016

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Earlier this week I posted a simple question to Twitter –Just like Amazon changed the face of retail, Apple wreaked havoc on the music industry and Uber is rewriting the rules of the roads, finance is finally getting its day in the disruption sun. A lot has changed already. Technology and the startups wielding it are transforming how money is stored, moved and spent. Nearly every aspect of our financial lives is liable to become cheaper, faster and more convenient.With Ernst & Young predicting fintech usage could double in 2016, the question of what lies ahead has never been more relevant. continue reading »last_img read more

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India dominate first day of Test against Sri Lanka

first_imgGALLE, Sri Lanka (AP):India were well placed at stumps on day one of the first Test against Sri Lanka, reaching 128-2 yesterday to trail by only 55 runs after dismissing the hosts for 183 in their first innings.India captain Virat Kohli and Shikhar Dhawan added an undefeated 100 runs for the third wicket to give the home team a strong platform. Kohli was undefeated on 45, while Dhawan has 53.Earlier, playing his first Test match against Sri Lanka, the 28-year-old Ravichandran Ashwin claimed 6-46 with steep bounce and sharp turn from the dry Galle surface after Sri Lanka won the toss and chose to bat.Ashwin came on at the City End, replacing Varun Aaron and struck immediately by dismissing key batsman Kumar Sangakkara for just five off the third delivery he bowled. Batting at four, instead of the usual No. 3, Sangakkara was playing on the back foot and gave a catch to Lokesh Rahul at silly point.That was after the fast bowlers had sent both openers back to the pavilion in single figures with well-directed short balls. Dimuth Karunaratne went for nine off Ishant Sharma and Kaushal Silva for five to Aaron.Dinesh Chandimal (59) and captain Angelo Mathews (64) helped to stabilise the innings, putting on 79 runs for the sixth wicket.last_img read more

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