2021 Eye on Payments: Part IV – Approach to payments differs through generations

by Tom Pierce, PSCU

Consumer preferences and habits can be impacted by a variety of factors, one of which is age. Typically, generational cohorts have different approaches to how they live – and this includes the way that they approach payments, with distinctive nuances in how different generations make purchases and look at their finances.

Welcome to the fourth and final installment of our blog series on our 2021Eye on Payments. PSCU’s fourth annual consumer payments study, released on Oct. 26, examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S., including how they evolved over the past year. Through this research, PSCU explores the factors that influence consumers when it comes to their usage of traditional and emerging payment methods across multiple payment scenarios and how social and economic events impact payment choice.

In our final blog about our 2021 study, we explore different generations’ approaches to payments.

 

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