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2010 HIGHLIGHTS | SURVEY OF CONSUMER PAYMENT CHOICE Economy improved, we made more payments What’s in our wallets Number of consumer payments per month • Post-recession, we continued to use cash more often than in 2008 71 73 • 78% have a debit card 67 • Almost 40% have a prepaid card • Compared to 2009: – We used our credit cards more Percentage share of consumer payments of us experienced loss or theft of cash, checks, credit card, or debit card. We care about security The big 3—debit card, cash, credit card— make up 80% of consumer payments. Percentage of consumers saying payment attribute is most important 47% Security 27% Convenience 24% Cost 22% Acceptance for payment 15% Payment records 70% Credit card 38% ’08 ’09 ’10 The Unlucky Number 13% 78% Debit card Prepaid card – We owned more kinds of cards, in particular, prepaid cards 87% Blank checks • Most own 5 or 6 payment instruments (including electronic methods) – We made more automatic bill payments 100% Cash • 70% have a credit card • We made six cash withdrawals per month Acquisition & setup Percentage of consumers who own paper and plastic payment instruments • Median cash on hand: $30 31% Debit 29% Cash Credit Where the money goes We make most of our payments for retail goods and services. 18% Other People 6% Bills 29% Goods & Services 65% About the respondents About the survey Nationally representative sample of U.S. consumers 18 and older Reports on consumers’ ownership and use of 9 payment instruments 2,100 respondents in 50 states, DC, Puerto Rico Tells how consumers assess characteristics of payment instruments Many respondents participate in consecutive surveys, making it possible to identify changes in consumers’ behavior and attitudes Aims to bring the voice of the consumer into public policy discussions about payments Third annual survey by the Federal Reserve Bank of Boston, bostonfed.org 9% © 2008-2010 Federal Reserve Bank of Boston. Charts available for download with credit line.