{"id":13054,"date":"2015-04-15T16:58:06","date_gmt":"2015-04-15T21:58:06","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=13054"},"modified":"2015-04-15T17:04:00","modified_gmt":"2015-04-15T22:04:00","slug":"millennials-tend-to-overspend-with-mobile-banking","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/millennials-tend-to-overspend-with-mobile-banking\/","title":{"rendered":"Millennials tend to overspend when using mobile banking"},"content":{"rendered":"

By Yimian Wu<\/p>\n

While mobile banking engages the Millennial generation, those Americans\u00a0born between 1982 and 2000, it may also lead to overspending due to online shopping and easy access to credit, said financial experts and government officials in Chicago Wednesday.<\/p>\n

They spoke at a financial literacy summit<\/a> organized by the Federal Reserve Bank of Chicago<\/a> and Visa Inc. <\/a>at the Chicago bank in the Loop.<\/p>\n

\u201cIt is not only easier to save with mobile banking, but with technology being what it is, it is easier to spend. People don\u2019t have to leave their houses to buy just about anything,\u201d said Secretary of Labor Thomas Perez.<\/p>\n

<\/p>\n

\u201cFinancial literacy is about thinking long term,\u201d he added. As a father with three children who constantly ask for his permission to shop online, Secretary Perez said that for Millennials, thinking long-term means day after tomorrow.<\/p>\n

He also said the summit \u201cheightens the importance of explaining to people that we have a maple tree in the backyard but not a money tree.\u201d<\/p>\n

Steven Ciobo, a member of the Australian parliament and former parliamentary secretary to that country’s\u00a0Treasurer, said that\u00a0as\u00a0young people are increasingly using credit and digital money, there are \u201clower levels of resistance to what that expenditure actually means.\u201d<\/p>\n

He also said that Millennails today have \u201ceffectively almost unlimited potential through the use of credit linked to mobile phones,\u201d\u00a0so\u00a0they need to be reminded that the money they spend is not \u201cesoteric cash\u201d but money from their wallets.<\/p>\n

Amando M. Tetangco, Jr., governor of the\u00a0Central Bank of\u00a0the\u00a0Philippines, said that in his country there is a similar concern. Young Filipinos, he said,\u00a0are struggling more than their older counterparts when it comes to budgeting and\u00a0not overspending.<\/p>\n

Georgette Jean-Louis, executive board member of the Central Bank of Haiti, said that mobile banking reduces the cost of saving for the largely\u00a0rural population with only\u00a0small amounts\u00a0to save and limited access to financial institutions.<\/p>\n

But, she added, in Haiti, where half of its population is under 21, the biggest challenge facing Millennials is economic inequality.<\/p>\n

Visa\u2019s Vice President Jason Alderman said, \u201cThere is a real disconnect for Millennials. They have access to and comfort with technology that could really empower them. But at the same time, many Millennails are afraid of and ignoring their financing.\u201d<\/p>\n

Photo at top: Participants in the panel discussions at the Federal Reserve Bank of Chicago\u00a0included (from left)\u00a0Amando M. Tetangco, Jr., governor of the Central Bank of the\u00a0Philippines; Lucie Tedesco, commissioner of the\u00a0Financial Consumer Agency of Canada; Steven Ciobo, former parliamentary secretary to the Treasurer of Australia; and Georgette Jean-Louis, executive board member of the Central Bank of Haiti. (Yimian Wu\/Medill)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Yimian Wu While mobile banking engages the Millennial generation, those Americans\u00a0born between 1982 and 2000, it may also lead to overspending due to online shopping and easy access to credit, said financial experts and government officials in Chicago Wednesday. They spoke at a financial literacy summit organized by the Federal Reserve Bank of Chicago […]<\/p>\n","protected":false},"author":139,"featured_media":13058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,436],"tags":[],"class_list":["post-13054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-spring-2015"],"yoast_head":"\nMillennials tend to overspend when using mobile banking - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/millennials-tend-to-overspend-with-mobile-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennials tend to overspend when using mobile banking - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Yimian Wu While mobile banking engages the Millennial generation, those Americans\u00a0born between 1982 and 2000, it may also lead to overspending due to online shopping and easy access to credit, said financial experts and government officials in Chicago Wednesday. 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