Study: Boomers using cash, not plastic to shop
We’ve all seen the ‘Black Friday’ commercials already. The holiday season and shopping season is upon us. That means we’ll be overwhelmed with ads, on television, in print and online promoting the biggest and best sales. But a recent study might surprise you about how we spend our money during the season.
That report shows says many Baby Boomers leave the credit cards at home when they go Christmas shopping. Ken Robbins of Response Mine Interactive explains.
“Boomers were always called the ‘Me’ generation. They lived on credit. They lived for today. But now they like to pay by cash. Eighty-five percent prefer to pay by cash or check,” Robbins told KTRH.
Why is that? Robbins says the ‘Boomers’ are becoming more conservative as they get closer to retirement.
“I think it’s because as you approach retirement you become more conservative with your finances. Many people in their sixties don’t have a credit card at all,” Robbins said.
You might think that would mean the ‘Boomers’ would miss out on specials online. But Jodi Furman of Live Fabuless says they don't have to.
“You can pay online with a credit card and then immediately transfer the money from your bank account to your credit card,” Furman said.
Furman says if you don't use a credit card and don't want to deal with all the people at the store, just use your debit card.
“You can get some great deals in stores. But bear in mind how few of those are going to be found in-store and how long the wait might be,” she explained.
She tells KTRH she finds people are less stressed when they are able to shop online as opposed to dealing with all of the hassles going to the mall around Christmas time can bring.