Tag: finance

One of the newer and growing forms of payment available is mobile wallets.  If you’re not sure what a mobile wallet is, it’s basically using your phone to pay for things both in-store and online.  It works by either connection credit/bank info or through some other type of financial backing or payment service. Apple pay is one example. Capital one has their own mobile wallet app.

I consider myself someone who is not afraid to try new technologies, especially if it makes things faster or more convenient. I’ll be honest, mobile wallets are something that make me nervous.  It turns, out I’m not alone. If you have the same concerns or questions check out this info.

NTT Data Inc. released a new global survey. In that survey they found that more than half of consumers believe mobile wallets are less secure than cash. On the other end are 60% of  executives who are stating that mobile money will help build their businesses because it’s safe.

In August 2016, NTT DATA, Ingenico, Oxford, and Charney surveyed 2,000 global consumers and 300 companies worldwide to investigate sentiments, expectations and concerns about the future of money. Our study showed customers in developed and developing countries alike are interested in using mobile money, but companies must do more to ease their security concerns if adoption is to become widespread.

“Fear is a powerful inhibitor, and fraud fear is top of mind for many consumers,” says Peter Olynick, senior practice lead, Retail Banking, NTT DATA Consulting, Inc. “Consumers are not just worried about losing one or two transactions, they fear having their identity stolen. If financial institutions can mitigate those fears and improve merchant adoption for mobile, we will see consumer adoption rates begin to accelerate.”

From that survey were some interesting statistics:

Consumers around the world understand the benefits of mobile money

• 60 percent of consumers agree that mobile money enhances their purchase experience
• 50 percent say mobile money drives loyalty to their financial institution or online merchant

Security concerns are undermining mobile payments

• More than half of consumers believe mobile wallets are less secure than cash
• Nearly 75 percent of consumers say guarantees against monetary fraud would encourage them to use mobile payments, but only 44 percent of businesses currently offer or plan to offer such guarantees
• Only 25 percent of consumers say online and mobile transactions are the safest form of transaction

Companies need to step up security authentication

• Consumer appetite for sophisticated biometric features like facial and iris recognition is strong. However, most businesses continue to rely on traditional passwords and finger scans
• Fewer than a third of companies globally currently use or plan to use biometrics like face, voice and iris recognition to secure mobile devices
• Security-focused consumers prefer multi-step authentication for mobile payments (German and Scandinavian consumers, who trust passwords most, are the exceptions)

If you happen to be around Las Vegas on Tuesday October 25 you can here more findings from this study as NTT Data Inc at Money 20/20 during a session titled: Designing for Women: FinTech for the Decision-Maker in Most U.S. Households

 

Knowledge is power.  Learn the facts, learn how to protect yourself, learn how new technologies work.  You can never be too informed right?

 

 

As a mom of 4 who admittedly has made financial mistakes as a young know-it-all, the one things I wanted my kids to learn is that money doesn’t grow on trees, you don’t get money for nothing, you have to earn it…legitimately.  Having an allowance is fine but if you’re just giving them a set allowance no matter what they do, what are they learning from that. I made that mistake. I set an amount and that’s what they got every two weeks.  They expected the money but didn’t want to do anything to earn it.

I read some books, finance for kids type stuff.  For the summer I decided to try a different approach.  I started this about 3 summers ago. I write chores down that need done for the day.  Things I know they could handle like vacuum the living room, sweep and mop kitchen floor, dust furniture in the living room, etc. I assign an amount to each chore depending on how hard the chore is.  One chore that no one likes to do is the dishes and there is always a mountain of them so I assign this one a bigger price tag than dusting the furniture.  They are not REQUIRED to do any of the chores BUT they also don’t earn anything if they don’t do anything.  IF they do a chore listed they initial it.  I then record that days earning for each one in a notebook so when pay day comes, I know how much they earned. This worked so much better than a set allowance.  This is more of a “pay for performance” approach.  I explained to them that it has the potential to earn them a lot more than a set allowance but they could also get less if they choose not to do anything.

I have a separate list for my youngest son who just turned 5. He gets the chores like picking up the toys in the living room, gathering dirty dishes around the house, etc.  You can assign what your budget allows for each chore.  I usually do 25 cents for the easy chores that are usually first pick in our house like dusting.  Chores that require more effort like sweep and mop the kitchen floor would be assigned 50 cents.  Chores like the dishes that no one likes, and most likely won’t get done is assigned $2.  There are stipulations.  If it says “Sweep and mop” but they only sweep then they on get half of the assigned amount.  I list about 5-6 chores the two older boys can choose from.  If they finish them and they want more, I can always add more.

I use a chalkboard wall sticky for my list but things like regular chalkboards, dry erase boards, or even a paper taped somewhere would work for this.  I found this to be a great way to teach my kids that they have to work if they want to earn money. If they want to be lazy, (they have the option) but they don’t get money.

How do you do allowance at your house?  Do your kids get allowance?