WAUSAU, Wis. (WSAW) – The way people conduct their financial transactions and the methods used to pay for goods and services has changed greatly over the years. As contactless payments become more optimal during the ongoing COVID-19 pandemic, it’s no surprise that virtual payments are seeing a huge surge. A recent survey of parents conducted by Jassby explored how American families are spending, the effects of COVID-19 and future insight into how families make purchases.
SOME FINDINGS OF THE SURVEY:
- COVID-19 has deeply changed the way families/parents are paying for purchases. Usage rates of cash have decreased between 18-50% across previous rates of spending prior to the pandemic.
- Financial literacy is a big concern for parents. Over 72% of parents believed schools should add coursework to address the area.
- Parents also had worries about their children’s online spending habits. 60% of the parent respondents were concerned about online scams, and 47% with the ability to over-spend.
- New mobile apps now offer ways for parents to give their children allowance, a way for kids to conduct contactless transactions with that allowance with parental oversight all in one application.
On Wednesday, Founder and CEO of Jassby, Benny Nachman, joined NewsChannel 7 at 4 to discuss the changing attitudes towards cash, the future of contactless transactions and tools that can get your kids learning about financial literacy and managing their own money.
For more information, please visit: www.jassby.com
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