Jassby, Inc. the fintech company that created the Family Finance App, is releasing the results of a comprehensive survey of 600 American families on their feelings, behaviors, and preferences for payment methods ranging from cash to debit cards and online platforms.
This direct polling research was conducted across 600 North American respondents with a requirement of having children under the age of 18. The goal was to understand how American parents and their kids are spending, the effects of Covid19, and future insight into how families make purchases.
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The research discovered a variety of new insights with a highlight on families drastically reducing cash-based spending due to health concerns during the pandemic and switching to contactless payments. The study also yielded interesting data on parents having a range of caution with regard to different payment preferences.
Parents have a range of concerns with regard to using cash for purchases. The largest is the feeling that cash may be unsanitary, with 53% of parent respondents claiming this worry.
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Covid19 has deeply changed the way families/parents are spending using cash for purchases. Usage rates of cash decreased between 18-50% across previous rates of spending prior to this health issue.
Parents also had worries about their children’s online spending habits. 60% of the parent respondents were concerned about online scams, and 47% with the ability to over-spend.
Financial literacy is a big pain point. Over 72% of parents believed schools should add coursework to address the area.
The research came to fruition as Jassby plans to launch a virtual debit card for kids that will allow parents to control their spending through the app and enable a safe, contactless solution. The service will be launched later this year.
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