How in your opinion would the next generation manage their money? Do your kids have a bank account?
Latest research show that many are leaving the habit of having a credit card and a bank account and moving to cash based personal finance.
1 parent has answered
I find it a bit hard to believe that we are moving back to a cash-based world. Even if we were indeed moving back to a cash model, I assume I would still need a place where to keep the cash (under the mattress may not be that safe anyone) and ideally accrue some interests. What I think it's happening is that we are moving closer to a virtual 'cash' world - in the near future we will see less retail banks but more mobile payment providers (i.e. Square, Paypal, Izettle, Card.io ) that will enable customers to purchase items with their phones directly from their bank accounts. As far as credit cards are concerned, they will be obsolete as soon as mobile payments gain mass traction. Considering how much lead-way Square has done in the US (i.e. partnership with Starbucks) I don't see we are very distant from that moment.