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Data for today’s episode is provided by Mercator Advisory Group’s report – North American PaymentInsights, U.S. – ATMs: No Fee for Me.
Older Adults Are More Likely to Hold All Types of Accounts Except This One:
- Mortgages.37% of 34-54 year olds have a mortgage, the largest amount of any age group.
- Overall, 28% of US consumers pay a mortgage, including 26% of 55+ year olds and 21% of 18-34 year olds.
- Checking accounts are the most popular of accounts, with 89% of U.S. consumers overall.
- 96% of 55+ year olds have a checking account, compared to 89% of 34-54 year olds and 79% of 18-34 year olds.
- Only 65% of 18-34 year olds have a credit card, compared to 78% of 55+ year olds.
- 20% of 55+ year olds have an online or full service brokerage; 14% of 18-34 year olds have one.
- 10% of 55+ year olds have an “other” type of account, compared to 4% of 18-34 year olds.
Mercator Advisory Group’s most recent consumer survey report, ATMs: No Fee for Me, from the 2019 Technology Survey of the bi-annual North American PaymentsInsights series, examines U.S. consumers’ current use of and perspective on ATMs.
The report, which is based on an online panel survey administered to 3,006 U.S. adults in November-December 2019, presents results from questions exploring how adults in the United States use ATMs for cash withdrawals, deposits, and other transaction types. It also presents data on their opinions about paying ATM fees and methods of authenticating users at the ATM.