Study: Gen Y Using Mobile among Other Methods to Pay Bills (Aug. 13, 2013)
Aug. 13, 2013
Although Generation Y consumers, ages 18 to 34 years old, pay bills using a mobile device more than other generations, Gen Y consumers still prefer to have other bill payment options, according to a recent Western Union Co. study.
More than 30 percent of Gen Y respondents reported paying a bill using a mobile device, compared with 25 percent of Gen X respondents (age 32-52) and 11 percent of Baby Boomer respondents (age 48-68).
“The Western Union Bill Payments Money Mindset Index points to increasingly tech-savvy consumers choosing to add mobile options to their bill payment tool kit,” said David Shapiro, Western Union senior vice president of payments. “Another key take-away for the business community is the importance of meeting consumer demand for convenience, flexibility and choice.”
For example, 34 percent of Gen Y respondents pay at least one monthly bill through the mail, 51 percent pay at least one monthly bill through the biller Website, 39 percent pay at least one monthly bill through their bank or credit union Website and 11 percent pay at least one monthly bill through a third-party bill payment provider’s Website, according to the study.