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2009 Survey of Consumer Payment Choice - Standard Errors Table 1 Current Ownership of Bank Accounts and Account Access Technologies Percentage of consumers 2008r 2009 Bank accounts Checking................................................................................................................. Savings.................................................................................................................... Traditional or passbook........................................................................................ Money market...................................................................................................... Money market with check privileges................................................................. 1.9 2.0 2.4 na na na 1.2 1.3 1.7 1.7 1.4 1.0 -0.6 -0.7 – na na na Nonbank payment accounts Online payment service provider............................................................................. na 1.5 na Bank account features Interest earned on primary checking account.......................................................... Overdraft protection................................................................................................ 2.4 2.9 1.8 1.6 -0.6 – Information and communication access technologies Cell phone............................................................................................................... Internet access at home............................................................................................ na 0.0 1.1 0.7 – 0.7 Account access technologies Blank paper checks.................................................................................................. ATM or debit card................................................................................................... ATM card............................................................................................................. Debit card............................................................................................................. Telephone banking.................................................................................................. Online banking........................................................................................................ Mobile banking....................................................................................................... na 2.1 3.2 2.2 2.7 2.5 3.6 1.5 1.4 1.6 1.5 1.7 1.8 1.1 na -0.7 – -0.7 -1.0 -0.7 -2.5 Change NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 2 Historical Ownership and Discarding of Bank Accounts and Account Access Technologies Percentage of consumers Ever Owned 2008r 2009 Change Bank accounts Checking................................................................................................................. Savings................................................................................................................... Traditional or passbook....................................................................................... Money market...................................................................................................... Money market with check privileges................................................................ 1.6 1.6 1.6 na na na 0.4 0.5 0.7 0.8 1.6 na -1.2 -1.1 -0.9 na na na Nonbank payment accounts Online payment service provider............................................................................ na na na Bank account features Primary checking account bears interest................................................................. Overdraft protection............................................................................................... na na na na na na Bank account access technologies Blank paper checks................................................................................................. ATM or debit card.................................................................................................. ATM card............................................................................................................ Debit card............................................................................................................ Telephone banking................................................................................................. Online banking....................................................................................................... Mobile banking....................................................................................................... na 1.8 2.8 1.9 2.9 2.4 na na 0.8 1.6 1.0 1.7 1.6 1.1 na -1.0 – -0.9 -1.2 -0.8 na Discarded* 2008r 2009 Change Bank accounts Checking................................................................................................................. Savings................................................................................................................... Traditional or passbook....................................................................................... Money market......................................................................................................... Money market with check privileges................................................................ 1.1 1.2 2. na na na 1.2 1.2 1.6 1.6 1. na 0.1 0.0 -0.4 na na na Nonbank payment accounts Online payment service provider............................................................................ na na na Bank account features Primary checking account bears interest................................................................. Overdraft protection............................................................................................... na na na na na na Bank account access technologies Paper checks (blank)............................................................................................... ATM or debit card.................................................................................................. ATM card............................................................................................................ Debit card............................................................................................................ Telephone banking................................................................................................. Online banking....................................................................................................... Mobile banking....................................................................................................... na 1.3 2.3 1.2 1.2 .8 na na 1.2 1.6 1.2 .9 1.2 0.2 na -0.1 – 0.0 -0.3 0.5 na * "Discarded" refers to the difference between historical and current ownership rates. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 3 Primary Bank Account Holdings, by Type of Account and Financial Institution Percentage of bank account adopters 2008r 2009 Primary checking account Commercial bank........................................................................................................................... Savings and loan............................................................................................................................ Credit union................................................................................................................................... Brokerage...................................................................................................................................... Internet bank.................................................................................................................................. Other.............................................................................................................................................. 2.1 .5 2. na 0.5 .7 1.6 .8 1.3 0.1 .6 .8 Primary savings account Commercial bank........................................................................................................................... Savings and loan............................................................................................................................ Credit union................................................................................................................................... Brokerage...................................................................................................................................... Internet bank.................................................................................................................................. Other.............................................................................................................................................. 3. .5 2.8 na .8 .6 1.9 .9 1.9 .5 .8 0.3 NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 4 Current Adoption of Payment Instruments Percentage of consumers 2008r 2009 Change Paper instruments Cash†....................................................................................................................... Check†.................................................................................................................... Money order*.......................................................................................................... Travelers check*..................................................................................................... 1.4 1.4 na 2.1 .9 1.5 .2 1.5 1.5 .5 – – na - .5 - .4 Payment cards Debit........................................................................................................................ Credit....................................................................................................................... Prepaid.................................................................................................................... 1.8 2.2 2.5 1.7 1.2 1.5 1.8 1.6 – - .7 - .7 – Electronic payments Online banking bill payment................................................................................... Bank account number payment*.............................................................................. 2.2 2.9 2.5 1.7 1.7 1.8 -0.5 -1.2 -0.8 * Adoption means the consumer used the instrument in a given year. † Adoption means the consumer had the instrument or used the instrument in a given year. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 5 Historical Adoption and Discarding of Payment Instruments Percentage of consumers Ever Adopted 2008r 2009 Change Paper instruments Cash....................................................................................................................... Check.................................................................................................................... Money order *....................................................................................................... Travelers check *.................................................................................................. na na na na na na 1.6 1.8 na na na na Payment cards Debit...................................................................................................................... Credit..................................................................................................................... Prepaid.................................................................................................................. 1.9 1.9 2.8 1.0 1.4 1.8 -0.9 -0.5 – Electronic payments Online banking bill payment................................................................................... Bank account number payment *............................................................................. 2.8 na 1.7 na -1.0 na Discarded† 2008r 2009 Change Paper instruments Cash....................................................................................................................... Check.................................................................................................................... Money order *....................................................................................................... Travelers check *.................................................................................................. na na na na na na 1.7 1.7 na na na na Payment cards Debit...................................................................................................................... Credit..................................................................................................................... Prepaid.................................................................................................................. 1.2 1.9 2.2 1.2 1.6 1.6 0.0 -0.3 – Electronic payments Online banking bill payment................................................................................... Bank account number payment *............................................................................. 1.1 na 1.2 na 0.1 na * Adoption means the consumer used the instrument in a given year. † "Discarded" refers to the difference between historical and current adoption rates. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 6 Current Adoption of Payment Instruments, by Instrument Features Percentage of consumers 2008r 2009 Change Debit cards Rewards................................................................................................................... 2.2 2.2 1.5 1.4 - .7 - .8 Credit cards* Rewards................................................................................................................... Nonrewards............................................................................................................. 2.5 3.2 2.9 1.8 1.8 1.6 - .7 -1.5 - 1.2 General purpose...................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 1.8 1.7 1.5 na na na Charge..................................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 1.1 .8 .6 na na na Branded................................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 1.6 1.3 1.1 na na na Prepaid cards† General purpose...................................................................................................... Specific purpose...................................................................................................... Payroll‡................................................................................................................... Electronic benefits transfer (EBT)‡........................................................................ 1.7 na na na na 1.6 1.3 1.2 .6 1.1 – na na na na Reloadable............................................................................................................... na 1.3 na Bought for own use................................................................................................. Received from others............................................................................................... Both bought and received........................................................................................ 1.1 1.5 .8 na na na na na na Contactless Debit card................................................................................................................ Credit card............................................................................................................... Prepaid card............................................................................................................ Electronic toll payment........................................................................................... Key fob.................................................................................................................... 3. 3.4 3.3 1.6 1.3 .5 1.5 1.4 .9 .9 .8 .5 – – – – – – * General purpose credit cards have a network logo such as Visa, MasterCard, Discover, or American Express; charge cards require full payment of the balance at the end of each billing period. Branded cards have a merchant's logo on the card. † General purpose prepaid cards have a credit card network or PIN network logo and can be used at any merchant or retailer that accepts cards from that network. Specific purpose prepaid cards, such as gift cards or public transportation cards, are limited in use to one or several merchants, retailers, or service providers. ‡ Payroll cards may also be general purpose cards. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 7 Number of Adopted Bank Accounts and Payment Cards Number per adopter* 2008r 2009 Change Bank Checking................................................................................................................. Savings.................................................................................................................... Traditional or passbook........................................................................................ Money market...................................................................................................... Money market with check privileges................................................................. 0.1 0.0 na 0.0 na na 0.1 0.0 0.1 0.0 0.1 na – 0.0 na 0.0 na na Nonbank payment accounts Online payment service provider............................................................................. na 0.1 na ATM or debit cards ATM........................................................................................................................ Debit........................................................................................................................ 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 -0.0 Credit Cards** Rewards................................................................................................................... Nonrewards............................................................................................................. 0.2 0.1 0.2 0.1 0.1 0.1 – – – General purpose ..................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 0.1 0.0 0.1 na na na Charge .................................................................................................................... Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 0.0 0.0 0.0 na na na Branded .................................................................................................................. Rewards................................................................................................................ Nonrewards.......................................................................................................... na na na 0.1 0.0 0.0 na na na Prepaid cards† General purpose...................................................................................................... Specific purpose ..................................................................................................... Payroll‡................................................................................................................... Electronic benefits transfer (EBT) ......................................................................... 0.2 na na na na 0.1 0.1 0.1 0.0 0.1 – na na na na Bought for own use................................................................................................. Received from others............................................................................................... 0.2 0.2 na na na na * Bold-face numbers are per adopter of the instrument. Numbers for sub-categories of each bold-face category are per adopter of the sub-category of the instrument. ** General purpose credit cards have a network logo such as Visa, MasterCard, Discover, or American Express; charge cards require full payment of the balance at the end of each billing period. Branded cards have a merchant's logo on the card. † General purpose prepaid cards have a credit card network or PIN network logo and can be used at any merchant or retailer that accepts cards from that network. Specific purpose prepaid cards, such as gift cards or public transportation cards, are limited in use to one or several merchants, retailers, or service providers. ‡ Payroll cards may also be general purpose cards. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 8 Number of Adopted Payment Instruments, by Type of Adopter Number of instruments per consumer 2008r 2009 Change 9 9 – Actual number of payment instruments adopted Bank account nonadopters....................................................................................... Bank account adopters............................................................................................ Checking and savings........................................................................................... Checking, no savings............................................................................................ Savings, no checking............................................................................................ 0.1 0.3 0.1 0.1 0.1 0.5 0.1 0.1 0.0 0.0 0.1 0.5 0.0 - 0.2 0.0 0.0 0.0 0.0 Paper adopters......................................................................................................... Cash...................................................................................................................... Check................................................................................................................... Money order......................................................................................................... Travelers check.................................................................................................... 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.0 0.2 0.2 0.0 0.0 0.0 -0.1 0.0 Payment card adopters............................................................................................ Debit..................................................................................................................... Credit.................................................................................................................... Prepaid................................................................................................................. 0.1 0.1 0.1 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 -0.1 Electronic payment instrument adopters.................................................................. Online banking bill payment................................................................................ Bank account number payment............................................................................ 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Available number of payment instruments* * The nine instruments are cash, check, money order, traveler's check, debit card, credit card, prepaid card, online banking bill payment and bank account number payment (electronic bank account deduction in 2008). For this table only, check adoption is defined as having a checking account, to ensure comparability between 2008 and 2009. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 9 Cash Holdings, Withdrawals, and Prepaid Card Reloadings Dollars, except as noted Mean 2008 r Median 2009 2008 r 2009 Cash holdings On person............................................................................................ On property......................................................................................... 30 13 26 31 4 31 10 5 3 7 3 3 Cash withdrawals All locations * Total per month †‡.............................................................................. Amount per withdrawal.................................................................... Withdrawals (number per month)..................................................... 23 8 0.3 20 6 0.3 6 3 0.2 11 5 0.3 Primary location Total per month †................................................................................ Amount per withdrawal.................................................................... Withdrawals (number per month)..................................................... na na na 15 6 0.1 na na na 7 1 0.2 Secondary location Total per month †................................................................................ Amount per withdrawal.................................................................... Withdrawals (number per month)..................................................... na na na 11 6 0.3 na na na 2 4 0.0 Prepaid card reloadings per month Reloaders, percentage of prepaid card adopters ................................. Reloaders, percentage of reloadable prepaid card adopters................. Typical dollar amount per reloading, reloaders only........................ Number of reloads, reloaders only.................................................... 1. 4.7 na .6 .9 2.5 35 .6 na na na 0.2 na na 7 7.5 * Estimates for 2009 cash withdrawals at all locations are derived from the survey variables for cash withdrawals for primary and secondary locations. † The SCPC questionnaire asks respondents "what amount [of cash] do you get most often"? If the amount of cash consumers get most often is different from the average amount, then the computed total amount of cash that the consumer gets per month will differ from the actual amount. Also, the total amount per month does not necessarily equal the amount per withdrawal times the number of withdrawals, because the amounts and withdrawals are negatively correlated across consumers. ‡ In 2008, this number is the typical amount per withdrawal. In 2009, this number is the withdrawal-weighted average of typical amounts per withdrawal from the primary and secondary locations. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 10 Cash Holdings, by Adoption of Bank Accounts and Payment Instruments Dollars per consumer Adopters Bank account Total.................................................................................................. On person....................................................................................... On property.................................................................................... ATM or debit card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Credit card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Prepaid card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Money order Total.................................................................................................. On person....................................................................................... On property.................................................................................... Nonadopters Bank account Total.................................................................................................. On person....................................................................................... On property.................................................................................... ATM or debit card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Credit card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Prepaid card Total.................................................................................................. On person....................................................................................... On property.................................................................................... Money order Total.................................................................................................. On person....................................................................................... On property.................................................................................... Mean r Median r 2009 2008 30 13 28 33 3 33 10 4 5 6 3 3 32 12 30 36 3 36 9 2 2 5 1 3 36 16 33 26 4 26 10 5 5 5 3 3 33 8 31 79 6 79 11 4 7 12 4 8 61 45 31 31 10 28 14 7 9 12 4 6 2008 Mean 2008 r 2009 Median r 2009 2008 138 77 83 67 28 47 45 22 255 124 22 25 76 54 42 43 13 39 32 17 23 28 9 23 40 23 24 90 9 89 17 5 4 9 3 2 35 16 31 26 5 26 12 3 2 8 3 3 34 13 32 40 3 40 12 3 2 8 4 3 2009 NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 11 Cash Withdrawals, by Most Frequent Location* Dollars, except as noted Mean 2008 r Median 2009 2008 r 2009 ATM Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 2.4 15 4 0.2 1.7 na na na na 6 4 0.3 na Bank teller Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 1.9 26 12 0.1 1.3 na na na na 16 10 0.1 na Check cashing store Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 1.1 186 91 0.3 0.7 na na na na 246 110 0.0 na Retail or grocery store Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 1.3 12 2 0.7 0.9 na na na na 6 5 0.5 na Employer Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 1.3 131 56 0.8 1.0 na na na na 135 57 0.7 na Family or friend Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 1.1 36 10 0.3 1.0 na na na na 16 3 0.3 na Other Total per month†............................................................................... Amount per withdrawal.................................................................. Withdrawals (number per month).................................................. Cited as most frequent location (percent )........................................ na na na 0.1 143 98 0.6 0.5 na na na na 168 41 0.2 na * Total per month for each location is consumers who named that location as their most frequent location. † The SCPC questionnaire asks respondents "what amount [of cash] do you get most often"? If the amount of cash consumers get most often is different from the average amount, then the computed total amount of cash that the customer gets per month will differ from the actual amount. Also, the total amount per month does not necessarily equal the amount per withdrawal times the number of calculated for withdrawals, because the amounts and withdrawals are negatively correlated across consumers. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 12 Cash Withdrawals, by Adoption of Bank Accounts and Payment Instruments Dollars per month, except as noted Mean Adopters r 2008 2009 Bank account Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. ATM or debit card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Credit card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Prepaid card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Money order Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Nonadopters Bank account Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. ATM or debit card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Credit card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Prepaid card Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Money order Total per month*............................................................................... Amount per withdrawal*................................................................ Withdrawals (number per month).................................................. Median 2008 r 2009 21 7 0.3 19 5 0.3 7 3 0.2 11 5 0.3 21 8 0.3 21 6 0.3 20 3 0.5 11 3 0.3 23 6 0.4 17 6 0.3 11 5 0.3 10 4 0.2 28 10 0.4 34 8 0.5 11 7 0.4 23 8 0.3 53 23 0.4 49 16 0.8 70 7 0.6 46 8 0.2 Mean 2008 r Median r 2009 2008 209 65 1.3 133 55 1.4 170 47 1.5 200 16 0.9 99 29 1.2 65 23 0.7 56 18 0.4 51 21 0.2 67 29 0.5 58 15 0.7 35 7 0.7 54 10 0.2 28 9 0.3 26 8 0.4 22 3 0.5 15 4 0.3 26 8 0.4 21 6 0.3 24 5 0.5 7 5 0.2 2009 * The SCPC questionnaire asks respondents "what amount [of cash] do you get most often"? If the amount of cash consumers get most often is different from the average amount, then the computed total amount of cash that the consumer gets per month will differ from the actual amount. Also, the total amount per month does not necessarily equal the amount per withdrawal times the number of withdrawals, because the amounts and withdrawals are negatively correlated across consumers. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 13 Incidence of Bank Account Access and Other Practices Percentage of consumers and adopters* Percentage of consumers Monthly 2008 r Annual 2009 2008 r 2009 Bank account access Bank branch visit.............................................................................. ATM use........................................................................................... Telephone banking............................................................................ Online banking.................................................................................. Mobile banking................................................................................. na na na na na na na na na na na na na na na na na na 1.3 1.6 1.6 1.6 1.8 1. Other Cash withdrawals.............................................................................. Online payment service provider...................................................... Prepaid card reloading...................................................................... Mobile payments............................................................................... Text/SMS....................................................................................... Contactless..................................................................................... 92.4 na na na na na 0.9 na 0.0 na na na 96.7 na na na na na .5 1.2 . .6 .5 .4 Monthly Annual Percentage of adopters 2008r Bank account access, bank account adopters only Bank branch visit.............................................................................. ATM use........................................................................................... Telephone banking............................................................................ Online banking.................................................................................. Mobile banking................................................................................. na na na na na na 2009 na na na na na na 2008r na na na na na na 2009 . . .0 . . .0 Other Cash withdrawals, cash adopters only............................................... Online payment service provider, adopters only............................... Prepaid card reloading, reloaders only.............................................. Mobile payments, cell phone adopters only...................................... Text/SMS....................................................................................... Contactless..................................................................................... na na na na na na 0.0 na 6.0 na na na na na na na na na .0 2.7 3.5 .0 .0 . NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 14 Incidence of Use of Payment Instruments Percentage of consumers or adopters Percentage of consumers Monthly 2008 r Annual 2009 2008 r 2009 Paper instruments Cash.................................................................................................. Check................................................................................................ Money order...................................................................................... Travelers check................................................................................. 1.7 2.0 2.4 1.6 0.2 0.9 1.1 1.8 1.1 0.0 1.6 1.9 2.3 2.1 0.9 0.7 0.9 1.8 1.5 0.5 Payment cards Debit................................................................................................. Credit................................................................................................ Prepaid.............................................................................................. 2.1 2.6 2.7 0.9 1.3 1.6 1.8 1.0 2.1 2.5 2.6 1.1 1.3 1.6 1.8 1.2 Electronic payments Online banking bill payment............................................................. Bank account number payment......................................................... 2.5 3.3 2.6 1.8 1.6 1.7 2.5 3.3 2.5 1.8 1.6 1.8 Direct deduction from income 2.0 1.1 2.0 1.1 Percentage of adopters* Monthly 2008r Annual Paper instruments Cash.................................................................................................. Check................................................................................................ Money order†.................................................................................... Travelers check†............................................................................... 1.1 1.6 2.0 6.3 4.9 2009 0.9 1.1 1.6 3.6 1.3 2008r 1.0 1.5 1.9 na na 2009 0.8 0.9 1.5 3.7 6.6 Payment cards Debit................................................................................................. Credit................................................................................................ Prepaid.............................................................................................. 1.3 2.0 1.6 4.4 0.8 1.1 1.5 2.8 1.3 1.8 1.3 4.8 0.7 1.1 1.3 3.0 Electronic payments Online banking bill payment............................................................. Bank account number payment......................................................... 1.8 4.1 0.9 1.4 2.2 1.3 1.6 3.8 0.0 1.1 2.1 0.0 Direct deduction from income 1.7 1.9 0.0 0.0 * Per adopter estimate is included due to changes in the survey design that affected the rates of adoption of payment instruments (see Table 4), making the per consumer estimates not comparable across years. Estimates are calculated using only adopters of that payment instrument, not all consumers. † Comparison between 2008 and 2009 is not valid for annual incidence of use because adoption is defined by annual incidence of use in these payment instruments, and thus is equal to 100%. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 15 Incidence of Transactions Percentage of consumers Monthly 2008 r Annual 2009 2008 r 2009 Bill payments Automatic ......................................................................................... Online .............................................................................................. By mail or in person ......................................................................... 1.6 3.1 2.6 2.1 .8 1.7 1.7 1.5 1.6 3.1 2.5 1.9 .7 1.7 1.7 1.4 Online payments, excluding bills 2.8 1.7 2.4 1.7 In-person payments, excluding bills Retail goods...................................................................................... All other............................................................................................ Services ......................................................................................... Person to person payments............................................................. 1.6 1.7 2.2 na na .8 .8 1.3 1.4 1.7 1.6 1.7 2.1 na na .7 .8 1.1 1.2 1.7 NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 16 Incidence of Use of Payment Instruments, by Type of Transaction Percentage of consumers Bill payments Monthly incidence Online payments Retail, services, and person to person* 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................ Money order...................................... Travelers check.................................... 2.3 2.5 2.6 na 1.6 na 1.6 1.8 1.8 1.8 1. na 3.3 na 3.3 na na na 1.4 na 1.4 1.4 .8 na 1.9 2. 2.8 na 1. na 1.1 1.1 1.7 1.7 .6 na Payment cards Debit..................................................... Credit................................................... Prepaid................................................. 2.4 2.8 2.9 .8 1.7 1.8 1.5 .5 3. 3.4 2.3 .8 1.7 1.6 1.3 .7 2.1 2.7 2.7 .9 1.5 1.7 1.7 .9 Electronic payments Online banking bill payment................ Bank account number payment............ 2.6 3.3 3.3 1.8 1.6 1.7 3.3 na 3.3 1.5 na 1.5 na na na na na na Direct deduction from income 2. 1.1 na na na na Bill payments Annual incidence Online payments Retail, services and person to person* 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................ Money order...................................... Travelers check.................................... 2.1 2.6 2.4 na 1.9 na 1.5 1.8 1.8 1.9 1.1 na 3.2 na 3.2 na na na 1.6 na 1.6 1.5 1. na 1.7 1.9 2.7 na 2.1 na .9 .9 1.8 1.8 .9 na Payment cards Debit..................................................... Credit................................................... Prepaid................................................. 2.4 2.7 2.7 .8 1.7 1.8 1.6 .7 2.7 3.2 2.9 .9 1.8 1.7 1.6 .9 2.1 2.6 2.7 1.1 1.5 1.6 1.8 1.1 Electronic payments Online banking bill payment................ Bank account number payment............ 2.5 3.3 3.4 1.8 1.6 1.7 3.2 na 3.2 1.6 na 1.6 na na na na na na Direct deduction from income 2. 1.1 na na na na * Adjusted for changes from 2008 to 2009 in the survey definition of transaction categories. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 17 Incidence of Use of Payment Instruments, by Type of Bill Payment Percentage of consumers Automatic Monthly incidence Online By mail or in person 2008r 2009 2008r 2009 2008r 2009 Any instrument Excluding online banking bill payment* 3.1 3.1 1.7 1.7 2.6 na 1.7 na 2.1 na 1.5 na Paper instruments Cash........................................................ Check or money order............................ Check................................................... Money order........................................ Travelers check...................................... na na na na na na na na na na na na na na na na na na na na na na na na 2.3 2.5 2.6 na na na 1.6 1.8 1.8 1.8 1. na Payment cards Debit....................................................... Credit...................................................... Prepaid................................................... 2.6 2.1 2.3 na 1.5 1.4 1.2 na 3.2 3.5 2.1 na 1.7 1.7 1.2 na 3.2 3.6 2.1 .8 1.7 1.7 1.2 .5 Electronic payments Online banking bill payment.................. Bank account number payment............... 3.0 na 3.0 1.6 1.2 1.5 2.8 3.3 2.8 1.7 1.6 1.6 na na na na na na Direct deduction from income 2.0 1.1 na na na na Automatic Annual incidence Online By mail or in person 2008r 2009 2008r 2009 2008r 2009 Any instrument Excluding online banking bill payment.. 3.1 3.1 1.7 1.7 2.5 na 1.7 na 1.9 na 1.4 na Paper instruments Cash........................................................ Check or money order............................ Check................................................... Money order........................................ Travelers check...................................... na na na na na na na na na na na na na na na na na na na na na na na na 2.1 2.6 2.4 na na na 1.5 1.8 1.8 1.9 1.1 na Payment cards Debit....................................................... Credit...................................................... Prepaid................................................... 2.7 2.2 2.4 na 1.6 1.4 1.2 na 3.1 3.4 2.3 na 1.8 1.8 1.3 na 3.1 3.5 2.3 .8 1.7 1.8 1.3 .7 Electronic payments Online banking bill payment.................. Bank account number payment............... 3.0 na 3.0 1.6 1.2 1.5 2.8 3.3 2.9 1.7 1.6 1.7 na na na na na na Direct deduction from income 2.0 1.1 na na na na * Online banking bill pay is excluded to show direct comparison between 2008 and 2009 estimates for automatic bill payments. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 18 Incidence of Use of Payment Instruments, by Type of Retail Goods Percentage of consumers Total Monthly incidence r 2008 2009 Essential goods* 2008 r Nonessential goods* 2009 2008r 2009 Overall 1.7 0.8 2.0 na 2.2 na Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 2.0 2.1 3.1 3.1 na na 1.4 1.3 1.5 1.5 0.5 na 3.6 3.6 2.3 2.3 na na na na na na na na 2.9 3.0 3.5 3.5 na na na na na na na na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 2.2 2.7 2.8 .9 1.6 1.7 1.7 .8 2.2 2.7 2.9 1.0 na na na na 2.6 3.1 3.1 .6 na na na na Electronic payments Online banking bill payment................. Bank account number payment............. na na na na na na Annual incidence 2008r 2009 2008r 2009 2008r 2009 Overall 1.7 0.8 1.8 na 1.9 na Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 1.9 2.0 3.0 3.0 na na 1.6 1.2 1.6 1.6 .7 na 2.1 2.2 2.8 2.8 na na na na na na na na 2.5 2.6 3.2 3.2 na na na na na na na na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 2.2 2.6 2.7 1.1 1.5 1.7 1.8 1. 2.2 2.7 2.8 1.2 na na na na 2.3 2.8 2.8 .8 na na na na Electronic payments Online banking bill payment................. Bank account number payment............. na na na na na na na na na na na na na na na na na na Total na na na na na na Essential goods* na na na na na na Nonessential goods* * For definitions of essential and nonessential goods, see Appendix A.5 in Foster, Meijer, Schuh, and Zabek 2009. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 19 Incidence of Use of Payment Instruments, by Type of Nonretail, In-Person Transactions* Percentage of consumers Total Services and other Monthly incidence r 2008 2008r 2009 2009 Person to person 2008r 2009 Overall 2.2 1.3 na 1.4 na 1.7 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 2.4 2.8 2.9 na na na 1.5 1.6 1.7 1.7 .5 na na na na na na na 1.7 1.7 1.6 1.6 .4 na na na na na na na 1.7 1.8 1.3 1.3 .4 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 3.3 2.7 2.6 .5 1.7 1.7 1.5 .7 na na na na 1.7 1.7 1.5 .7 na na na na 1.0 0.9 0.6 na Electronic payments Online banking bill payment................. Bank account number payment............. na na na 0.8 0.6 0.7 Annual incidence 2008r 2009 2008r 2009 2008r 2009 Overall 2.1 1.1 na 1.2 na 1.7 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 2.3 2.7 3.3 na na na 1.3 1.4 1.8 1.8 .8 na na na na na na na 1.5 1.7 1.7 1.8 .7 na na na na na na na 1.7 1.8 1.5 1.5 .6 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 2.6 3.0 2.9 .8 1.7 1.7 1.7 .9 na na na na 1.7 1.7 1.7 .9 na na na na 1.1 1. .7 na Electronic payments Online banking bill payment................. Bank account number payment............. na na na 1. .7 .9 na na na na na na na na na 1. .7 .9 Total na na na na na na Services and other na 0.8 na 0.6 na 0.7 Person to person * Adjusted for changes from 2008 to 2009 in the survey definition of transaction categories. These adjustments make the two years directly comparable. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 20 Use of Payment Instruments in a Typical Month, by Type of Instrument Number per consumer and percent share per consumer Number per consumer Mean Percentage r 2008 2009 change 2008r 2009 Total payments 3.4 1.8 -48.7 100.0 100.0 Paper instruments Cash............................................................................ Check or money order................................................ Check...................................................................... Money order............................................................ Travelers check.......................................................... 1.4 1.1 0.6 .5 0.1 0.0 1.3 1.3 .3 .3 0.1 0.0 - 5.5 16.5 -39.4 -30.2 30.5 -70.0 35.4 20.8 14.6 13.9 0.6 0.0 41.8 28.2 13.5 12.7 0.8 0.0 Payment cards Debit........................................................................... Credit.......................................................................... Prepaid....................................................................... Prepaid, per adopter†................................................. 2.1 1.7 1.1 0.1 0.6 1. 0.9 0.6 0.2 0.5 -51.1 -49.2 -46.8 – -13.2 52.5 30.8 21.1 0.6 – 47.8 29.3 17.3 1.2 – Electronic payments Online banking bill payment*.................................... Bank account number payment*................................ Bank account number payment, per adopter†............ .6 .4 .2 0.6 .3 .2 0.2 0.3 -45.7 -46.6 -22.3 -49.7 10.9 3.1 7.9 – 9.7 5.1 4.6 – Direct deduction from income 0.1 0.1 -55.8 1.1 0.8 Percent Share * Adjusted for changes from 2008 to 2009 in the survey definition of transaction categories. † Per adopter estimate is included due to changes in the survey design that affected the rates of adoption of payment instruments (see Table 4), making the per consumer estimates not comparable across years. Estimates are calculated using only adopters of a payment instrument, not all consumers. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 21 Transactions in a Typical Month Number per consumer and percent share per consumer Number per consumer Mean Percentage 2008r 2009 Total 3.4 1.8 change -48.7 Bill payments Automatic................................................................... Direct deduction from income................................. Other automatic....................................................... Online......................................................................... By mail or in person................................................... 1.4 .6 0.1 .5 .5 .7 0.6 .2 0.1 .2 .3 .4 .5 2.4 1.9 0.7 na na Online payments, excluding bills In-person payments, excluding bills Retail goods................................................................ All other..................................................................... Services................................................................... Person to person payments...................................... Percent Share 2008r 2009 100.0 100.0 -52.3 – – – -43.4 -38.4 29.1 8.7 1.1 7.6 9.4 11.0 28.1 7.2 na na 8.5 12.4 .3 -44.7 9.7 7.8 1.4 .8 1.1 1. .3 -40.6 – – na na 61.1 42.5 18.6 na na 64.1 39.4 24.7 19.7 5.0 NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 22 Use of Payment Instruments in a Typical Month, by Type of Transaction Number per consumer and percent share per consumer Bill payments Number Online payments Retail, service and person to person 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 0.4 0.3 0.3 0.2 0.0 na 0.3 0.3 0.2 0.1 0.1 na 0.1 na 0.1 na na na 0.1 na 0.1 0.1 0.0 na 1.1 1.0 0.4 0.3 0.0 na 1.2 1.2 .2 .2 0. na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 0.8 0.7 0.5 0.0 0.4 0.4 0.2 0.0 0.3 0.3 0.2 0.0 0.2 0.2 0.1 0.0 1.5 1.3 .7 0.1 0.8 0.7 .4 0.1 Electronic payments Online banking bill payment................. Bank account number payment............. 0.5 0.2 0.4 0.2 0.2 0.1 0.1 na 0.1 0.1 na 0.1 na na na 0.1 0.1 0.1 Direct deduction from income 0.1 0.1 na na na na Bill payments Percent Online payments Retail, service and person to person 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 7.4 1.5 5.9 5.6 0.3 na 8.3 3.0 5.3 4.9 0.4 na 2.3 na 2.3 na na na 2.2 na 2.2 2.0 0.2 na 25.7 19.3 6.4 na 0.3 na 31.3 25.2 6.1 5.8 0.3 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 11.6 6.4 5.1 0.0 11.0 6.8 3.9 0.2 5.5 3.0 2.3 0.1 4.6 2.7 1.8 0.2 35.4 21.3 13.6 0.5 32.2 19.8 11.6 0.8 Electronic payments Online banking bill payment................. Bank account number payment............. 9.0 3.1 5.9 8.0 4.8 3.3 1.9 na 1.9 1.0 na 1.0 na na na 0.6 0.3 0.3 Direct deduction from income 1.1 0.8 na na na na NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 23 Use of Payment Instruments in a Typical Month, by Type of Bill Payment Number per consumer and percent share per consumer Automatic Number Online By mail or in person 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... na na na na na na na na na na na na na na na na na na na na na na na na 0.4 0.3 0.3 na 0.0 na 0.3 0.3 0.2 0.1 0.1 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 0.3 0.3 0.2 na 0.2 0.1 0.1 na 0.4 0.3 0.2 na 0.2 0.2 0.1 na 0.4 0.3 0.3 0.0 0.2 0.2 0.1 0.0 Electronic payments Online banking bill payment*............... Bank account number payment............. 0.2 0.2 0.1 0.1 0.1 0.1 0.4 0.2 0.2 0.2 0.2 0.1 na na na na na na Direct deduction from income 0.1 0.1 na na na na Automatic Percent Online By mail or in person 2008r 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... na na na na na na na na na na na na na na na na na na na na na na na na 7.4 1.5 5.9 na 0.3 na 8.3 3.0 5.3 4.9 0.4 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 4.2 2.3 1.9 na 3.1 1.7 1.4 na 3.8 2.3 1.5 na 3.8 2.7 1.1 na 3.6 1.9 1.7 0.0 4.1 2.4 1.5 0.2 Electronic payments Online banking bill payment................. Bank account number payment............. 3.4 1.8 1.6 3.2 1.7 1.5 5.6 3.1 6.4 4.8 3.0 1.7 na na na na na na Direct deduction from income 1.1 0.8 na na na na NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. *The 2008 automatic bill payment number for online banking bill payment is derived from the ratio of total electronic automatic bill payments to total number of online banking bill payments in the 2009 SCPC. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 24 Use of Payment Instruments in a Typical Month, by Type of Retail Goods* Number per consumer and percent share per consumer Total Essential goods† Number r 2008r 2008 2009 2009 Nonessential goods† 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 0.9 .9 .1 na na na 0.6 0.6 .1 .1 0. na 0.7 0.7 0.1 na na na na na na na na na 0.5 0.5 0.1 na na na na na na na na na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 1.2 1.1 .5 0.1 0.5 .5 .3 0.1 1.0 1. .3 0. na na na na 0.5 0.4 0.2 0.0 na na na na Electronic payments Online banking bill payment................. Bank account number payment............. na na na na na na na na na na na na Essential goods† Total Percent 2008 r na na na na na na Nonessential goods† 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 16.1 13.7 2.4 na na na 17.6 14.8 2.7 2.7 0.1 na 10.5 9.2 1.4 na na na na na na na na na 5.6 4.6 1.0 na na na na na na na na na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 26.5 16.5 9.6 0.4 21.8 13.4 7.9 0.5 17.7 11.2 6.3 0.3 na na na na 8.8 5.4 3.3 0.1 na na na na Electronic payments Online banking bill payment................. Bank account number payment............. na na na na na na na na na na na na na na na na na na * Adjusted for changes from 2008 to 2009 in the survey definition of transaction categories. † For definitions of essential and nonessential goods, see Appendix A.5 in Foster, Meijer, Schuh, and Zabek 2009. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 25 Use of Payment Instruments in a Typical Month, by Type of Non-Retail, In-Person Transactions* Number per consumer and percent share Total Services and other Person to person Number r r 2008 2008 2008r 2009 2009 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 0.4 0.3 0.2 na na na 0.9 1.0 0.1 0.1 0.0 na na na na na na na 0.9 1.0 0.1 0.1 0.0 na na na na na na na 0.2 0.2 0.1 0.0 0.0 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 0.4 0.3 0.2 0.0 0.4 0.4 0.2 0.0 na na na na 0.4 0.3 0.2 0.0 na na na na 0.1 0.1 0.0 na Electronic payments Online banking bill payment................. Bank account number payment............. na na na 0.1 0.1 0.1 Total Percent 2008 r na na na na na na Services and other na 0.1 na 0.1 na 0.1 Person to person 2009 2008r 2009 2008r 2009 Paper instruments Cash...................................................... Check or money order.......................... Check................................................. Money order...................................... Travelers check..................................... 9.6 5.6 4.0 na na na 0.7 .7 .2 .2 0.1 na na na na na na na 10.1 7.6 2.5 2.4 0.1 na na na na na na na 3.6 2.8 0.8 0.7 0.1 na Payment cards Debit..................................................... Credit.................................................... Prepaid.................................................. 9.0 4.8 4.1 0.1 0.4 0.3 0.2 0.1 na na na na 9.5 5.8 3.5 0.3 na na na na 0.8 0.6 0.2 na Electronic payments Online banking bill payment................. Bank account number payment............. na na na 0.1 0.0 0.1 na na na na na na na na na 0.1 0.0 0.1 * Adjusted for changes from 2008 to 2009 in the survey definition of transaction categories. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 26 Payment Instruments Used in a Typical Period, by Type of Instrument and Transaction Number per consumer Typical Month 2008r 2009 All payments (9 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.0 Bill payments (8 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 Online payments (6 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 In-person payments (8 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 na 0.0 0.0 0.0 0.0 Typical Year 2008r 2009 All payments (9 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.0 Bill payments (8 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Online payments (6 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 In-person payments (8 instruments) Paper instruments........................................................................................................................... Payment cards................................................................................................................................ Electronic payments....................................................................................................................... 0.1 0.0 0.0 na 0.0 0.0 0.0 0.0 NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. Numbers are derived from incidence of use statistics. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 27 Assessments of Characteristics of Payment Instruments Percentage of consumers Most important 2nd most important 3rd most important Least important 2009 Instrument characteristic rating Acceptance for payment.................................................................... Cost................................................................................................... Convenience...................................................................................... Security............................................................................................. 1.5 1.6 1.6 1.7 1.5 1.5 1.4 1.5 1.5 1.3 1.5 1.1 1.4 1.4 1.4 .6 2008r Instrument characteristic rating Acceptance for payment.................................................................... Acquisition and setup........................................................................ Control over payment timing............................................................ Cost................................................................................................... Ease of use........................................................................................ Payment records................................................................................ Payment speed.................................................................................. Security............................................................................................. 1.4 0.2 1.4 1.8 3.2 1. .9 2.4 na na na na na na na na na na na na na na na na 3.4 2.7 1.7 1.4 1. 1.4 1.8 0.4 NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 28A Assessments of Payment Instruments, by Characteristic Percentage of consumers Occasionally Rarely Acceptance for payment accepted accepted Cash 2008r…………………………………… .7 .6 2009............................................. .5 .4 Check 2008r…………………………………… .6 1.4 2009............................................. .7 1.5 Debit card 2008r…………………………………… .6 .6 2009............................................. .6 0.2 Credit card 2008r…………………………………… .9 0.1 2009............................................. .6 0.3 Prepaid card 2008r…………………………………… 1. 1.6 2009............................................. .7 .8 Bank account number payment* 2008r…………………………………… 1.8 19.3 2009............................................. 1.6 1.4 Online banking bill payment* 2008r…………………………………… 1.8 1.8 2009............................................. 1. .9 Cost Cash 2008r…………………………………… 2009............................................. Check 2008r…………………………………… 2009............................................. Debit card 2008r…………………………………… 2009............................................. Credit card 2008r…………………………………… 2009............................................. Prepaid card 2008r…………………………………… 2009............................................. Bank account number payment* 2008r…………………………………… 2009............................................. Online banking bill payment* 2008r…………………………………… 2009............................................. Very high cost High cost Often accepted Usually accepted Almost always accepted 1.8 1. 1.5 1.1 2.3 1.4 2.5 1.6 2.5 1.5 3.4 1.3 1.9 1.4 2.6 1.5 3.0 1.7 1.7 1. 2.5 1.5 2.8 1.7 2.2 1.6 2.4 1.6 3.1 1.6 26.3 1.3 19.4 1. 21.5 1.4 2.3 1.6 Neither high nor low cost 1.9 1.6 3.3 1.5 Low cost Very low cost .9 .4 1.5 .7 3.5 1.2 1.3 1.1 3.4 1.6 1. .5 1.9 .9 3.4 1.7 2.7 1.6 2. 1.5 1. .5 1.7 .8 3.4 1.6 2.3 1.5 2.4 1.6 2.1 1.6 2.5 1.6 3.4 1.3 1.9 1. 1.5 1.1 1.3 .7 2. 1.2 3.1 1.7 1.7 1.4 1.9 1.4 1. .8 1.9 .7 3.2 1.6 2. 1.5 2.4 1.6 1. .6 1.9 1.1 3.2 1.6 2. 1.4 2.4 1.7 * In 2008 respondents were asked to assess "electronic deduction." We substituted the rating of electronic deduction for "bank account number payment" and "online banking bill payment" in this table. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 28B Assessments of Payment Instruments, by Characteristic Percentage of consumers Very hard to Convenience Hard to use use Cash 2008r…………………………………… na na 2009............................................. 0.6 0.6 Check 2008r…………………………………… na na 2009............................................. 0.7 1.4 Debit card 2008r…………………………………… na na 2009............................................. 0.4 0.4 Credit card 2008r…………………………………… na na 2009............................................. 0.5 0.5 Prepaid card 2008r…………………………………… na na 2009............................................. 1.0 0.9 Bank account number payment* 2008r…………………………………… na na 2009............................................. 1.2 1.4 Online banking bill payment* 2008r…………………………………… na na 2009............................................. 0.8 0.8 Security Cash 2008r…………………………………… 2009............................................. Check 2008r…………………………………… 2009............................................. Debit card 2008r…………………………………… 2009............................................. Credit card 2008r…………………………………… 2009............................................. Prepaid card 2008r…………………………………… 2009............................................. Bank account number payment* 2008r…………………………………… 2009............................................. Online banking bill payment* 2008r…………………………………… 2009............................................. Neither hard nor easy to use Easy to use Very easy to use na 1.2 na 1.4 na 1.7 na 1.6 na 1.5 na 1.3 na 1.1 na 1.5 na 1.7 na 1.1 na 1.4 na 1.7 na 1.6 na 1.4 na 1.6 na 1.6 na 1.2 na 1.3 na 1.6 Neither risky nor secure na 1.5 na 1.6 Secure Very secure Very risky Risky 2.7 1.6 1.9 1.1 1.8 1.2 1.2 1.0 3.3 1.6 1.7 1.3 2.5 1.6 1.9 1.2 2.1 1.5 3.4 0.9 1.6 1.2 2.5 1.5 1.9 1.5 2.2 1.4 3.5 1.4 1.8 1.4 2.4 1.4 1.8 1.4 2.2 1.4 3.4 1.4 2.1 1.4 2.2 1.3 2.2 1.6 1.9 1.2 3.4 1.2 1.5 1.6 2.2 1.5 2.1 1.4 2.1 1.1 3.3 1.0 1.5 1.4 2.2 1.4 2.1 1.3 2.1 1.4 3.3 1.3 * In 2008 respondents were asked to assess "electronic deduction." We substituted the rating of electronic deduction for "bank account number payment" and "online banking bill payment" in this table. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 29 Demographics: Gender, Age, Race, and Education * Percentage of consumers 2008r 2009 Gender Male............................................................................................................................................... Female........................................................................................................................................... 2.9 97.1 1.7 98.3 Age 18–24............................................................................................................................................. 25–34............................................................................................................................................. 35–44............................................................................................................................................. 45–54............................................................................................................................................. 55–64............................................................................................................................................. 65 and older................................................................................................................................... 3.7 2.1 1.8 1.7 1.5 1.6 1.5 1.5 1.4 1.1 0.9 1.1 Race White............................................................................................................................................. Black.............................................................................................................................................. Asian.............................................................................................................................................. Other.............................................................................................................................................. 2.6 2.0 1.0 1.8 1.8 1.3 0.7 1.6 Ethnicity Hispanic or Latino......................................................................................................................... 3.6 1.8 Education No high school diploma................................................................................................................. High school.................................................................................................................................... Some college.................................................................................................................................. College........................................................................................................................................... Post-graduate study........................................................................................................................ 1.9 3.2 2.0 1.6 0.9 1.2 1.8 1.3 0.9 0.6 * Tables of unweighted sample demographics available upon request. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 30 Income and Labor Force Status* Percentage of consumers 2008r 2009 Household income Less than $25,000.......................................................................................................................... $25,000–$49,999........................................................................................................................... $50,000–$74,999........................................................................................................................... $75,000–$99,999........................................................................................................................... $100,000–$124,999....................................................................................................................... $125,000 or more.......................................................................................................................... $125,000–$199,999.................................................................................................................... $200,000 or more....................................................................................................................... 2.2 3.3 1.9 1.4 0.8 0.8 na na 1.4 1.7 1.4 1.1 0.5 0.8 0.5 0.3 $75,000 or more, breakdown not specified.................................................................................... 0.1 na Respondent income Highest in household..................................................................................................................... About equal with highest............................................................................................................... 2nd highest..................................................................................................................................... 3rd highest or lower....................................................................................................................... 3.0 3.5 2.3 1.4 1.7 1.1 1.5 1.5 Labor force status Working now................................................................................................................................. Unemployed and looking for work................................................................................................ Temporarily laid off, on sick or other leave................................................................................... Disabled......................................................................................................................................... Retired........................................................................................................................................... Homemaker................................................................................................................................... Other.............................................................................................................................................. 2.3 1.0 0.1 0.9 1.7 0.8 0.5 1.3 0.4 0.2 0.5 1.0 0.4 0.4 * Tables of unweighted sample demographics available upon request. NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2009 Survey of Consumer Payment Choice - Standard Errors Table 31 Consumers' Financial Responsibility in the Household Percentage of consumers Task Budgeting All.................................................................................................................................................. Most............................................................................................................................................... Shared equally............................................................................................................................... Some.............................................................................................................................................. None.............................................................................................................................................. Bill payment All.................................................................................................................................................. Most............................................................................................................................................... Shared equally............................................................................................................................... Some.............................................................................................................................................. None.............................................................................................................................................. Shopping All.................................................................................................................................................. Most............................................................................................................................................... Shared equally............................................................................................................................... Some.............................................................................................................................................. None.............................................................................................................................................. Asset management All.................................................................................................................................................. Most............................................................................................................................................... Shared equally............................................................................................................................... Some.............................................................................................................................................. None.............................................................................................................................................. NOTES: Superscript "r" denotes revised. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston. 2008r 2009 2.8 1.5 3.3 2.1 1.2 1.7 1.1 1.4 1.1 1.3 2.9 1.4 3.4 2.0 1.4 1.7 1.0 1.2 1.3 1.3 2.6 1.5 3.3 2.1 1.1 1.6 0.9 1.5 1.5 0.9 2.6 1.4 3.3 1.8 1.9 1.5 0.9 1.3 1.2 1.7 2009 Survey of Consumer Payment Choice - Standard Errors Table 32 Selected Assets and Liabilities Percentage of consumers, except as noted 2008r 2009 Change Credit card debt Carried unpaid balance at any time during the past 12 months .............................. Credit card balance unpaid, previous month (dollars)............................................. Per credit card adopter........................................................................................ Per revolver......................................................................................................... 3.5 1.6 -1.9 356 534 308 515 -48 -19 Change in unpaid balance since a year ago Much lower.......................................................................................................... Lower................................................................................................................... About the same..................................................................................................... Higher................................................................................................................... Much higher......................................................................................................... 2.4 2.9 2.9 2.0 2.2 1.6 1.8 2.1 1.6 1.3 -0.8 - 1.0 - 0.9 - 0.3 - 0.9 Home ownership Home ownership rate .............................................................................................. 3.5 1.7 -1.8 NOTES: Superscript "r" denotes revised. Numbers in italics are not comparable across years due to changes in the survey. Numbers may not sum exactly due to rounding or missing values. ©2009-2011 Federal Reserve Bank of Boston.