Table of Contents
Executive Summary
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- The market
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- Figure 1: Current and projected population of people aged 5-17 and aged 18-24, 2010, 2015, 2020, 2025
- College enrollment
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- Figure 2: Percentage of 18-24 year olds enrolled in degree-granting institutions, by level of institution, 1990 - 2012
- Market drivers
- Unemployment
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- Figure 3: Unemployment rate for total population and those aged 16-24, Jan. 1, 1992-April 1, 2014
- The consumer
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- Figure 4: Types of financial accounts and products owned, by age, checking account, savings account, credit card – In my own name, February 2014
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- Figure 5: Types of financial accounts and products owned, by gender – In my own name, February 2014
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- Figure 6: Channels used for checking account activities, by gender and age, February 2014
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- Figure 7: Attitudes toward finances and financial education, February 2014
- Figure 8: Attitudes toward saving and spending, by race/Hispanic origin, February 2014
- What we think
Issues and Implications
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- Why focus on young people?
- Issues:
- Implications:
- How can institutions most effectively reach this group?
- Issues:
- Implications:
- How can financial institutions adapt to changing student demographics?
- Issues:
- Implications:
Trend Application
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- Inspire Trend: Experience is All
- Inspire Trend: Edutainment
- Mintel Futures: Generation Next
Market Drivers
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- Key points
- Population growth by age
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- Figure 9: Current and projected population by age, 2010, 2015, 2020, 2025
- Civilian labor force
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- Figure 10: Civilian labor force by age, overall (16+) and ages 16-24, 1992, 2002, 2012 and 2022 (proj.)
- Figure 11: Employed persons 16 to 24 years old by industry, July 2013
- College enrollment
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- Figure 12: Percentage of 18-24 year olds enrolled in degree-granting institutions, by level of institution, 1990 - 2012
- Figure 13: College enrollment in public and private college, by race/Hispanic origin, 2002-12
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- Figure 14: Racial/ethnic composition of college enrollment, 2003, 2012
- Figure 15: Percentage of high school graduates aged 18-24 enrolled in college, by race/Hispanic origin, 2003-12
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- Figure 16: Percentage of high school graduates aged 18-24 enrolled in college, by gender, 2003-2012
- College graduation rates
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- Figure 17: Percentage of four-year college students graduation in five years, 2003-2012
- Young adults and labor force participation
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- Figure 18: Labor force participation rate, overall and ages 16-24, 1992, 2002, 2012 and 2022 (proj.)
- Unemployment
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- Figure 19: Unemployment rate for total population and those aged 16-24, Jan. 1, 1992 – April 1, 2014
- Figure 20: Unemployment rate – high school graduates not enrolled in college, 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
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- Figure 21: Unemployment rate – enrolled in college full time 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
- Figure 22: Unemployment rate – enrolled in high school 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
- Legislation
- The Card Act
- Financial literacy legislation
Demographics of Teens and College Students
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- Key points
- Racial diversity of young population
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- Figure 23: Projections for population aged 15-24, by race/Hispanic origin, 2011 - 2015
- Income of young households
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- Figure 24: Household income, householders aged 15-24, 2008-12
- College enrollment by the numbers
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- Figure 25: Projected enrollment of ages 14-24 in all post-secondary degree-granting institutions, 2012-16
- Figure 26: Projected enrollment in degree-granting institutions by race/Hispanic origin, 2012-2016
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- Figure 27: Total fall enrollment in degree-granting post-secondary institutions, by state, 2008, 2010, 2012
Innovations and Innovators
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- Key points
- The traditional education model is being challenged
- Enstitute
- Open-source textbooks
- MOOCs
- Google’s Oppia
- Financial literacy
- PwC’s Earn Your Future Financial Literacy Lessons
- Academic initiatives
- Games and gamification for financial learning
Marketing Strategies
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- Key points
- Brand analysis: Bank of America
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- Figure 28: Brand analysis of Bank of America, 2014
- BankAmericard Visa for Students
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- Figure 29: Bank of America - American Student Dental Association Visa card acquisition email ad, April 2014
- MyAccess Checking
- TV presence
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- Figure 30: Bank of America/Khan Academy Better Money Habits: Understanding Credit video, November 2013
- Social media
- Brand analysis: Discover
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- Figure 31: Brand analysis of Discover, 2014
- Discover it Card
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- Figure 32: Discover it Card affinity direct mail acquisition ad, 2014
- Discover it for Students
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- Figure 33: Discover it Card for Students email ad, 2014
- TV presence
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- Figure 34: Discover it card television advertising, 2014
- Social media
- Brand analysis: Citi
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- Figure 35: Brand analysis of Citi, 2014
- Citi Dividend Card for College Students
- Citi ThankYou Preferred Card for College Students
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- Figure 36: Citi Thank You Preferred Card television ad, 2014
- Social media
- Brand analysis: American Express
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- Figure 37: Brand analysis of American Express, 2014
- American Express Campus Edition prepaid cards
- Social media
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- Figure 38: American Express Sync campaign instructional video, 2014
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- Figure 39: American Express Venture Accelerator by OPEN Forum, 2014
- Brand analysis: Upromise
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- Figure 40: Brand analysis of Upromise, 2014
- Upromise World MasterCard
- Social media
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- Figure 41: Upromise email ad, 2014
Teens and Young Adults – Financial Accounts and Products Owned
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- Key points
- Types of financial accounts in own name
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- Figure 42: Types of financial accounts and products owned – in own name, by gender, February 2014
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- Figure 43: Types of financial accounts and products owned – in own name, by age, February 2014
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- Figure 44: Types of financial accounts and products owned – in own name, by household income, February 2014
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- Figure 45: Types of financial accounts and products owned – in own name, by race/Hispanic origin, February 2014
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- Figure 46: Types of financial accounts and products owned – in own name, by educational status, February 2014
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- Figure 47: Types of financial accounts and products owned – in own name, by educational goal, February 2014
- Joint account with parents
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- Figure 48: Types of financial accounts and products owned – joint account with parents, by gender, February 2014
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- Figure 49: Types of financial accounts and products owned – joint account with parents, by age, February 2014
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- Figure 50: Types of financial accounts and products owned – joint account with parents, by household income, February 2014
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- Figure 51: Types of financial accounts and products owned – joint account with parents, by race/Hispanic origin, February 2014
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- Figure 52: Types of financial accounts and products owned – joint account with parents, by educational status, February 2014
Teens and Young Adults – Banking Channels Used
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- Key points
- Four in 10 visit branches, a similar number use computers
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- Figure 53: Channels used for checking account activities, by gender, February 2014
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- Figure 54: Channels used for checking account activities, by gender and age, February 2014
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- Figure 55: Channels used for checking account activities, by educational goal, February 2014
- Savings accounts
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- Figure 56: Channels used for savings account activities, by gender, February 2014
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- Figure 57: Channels used for savings account activities, by gender and age, February 2014
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- Figure 58: Channels used for savings account activities, by educational status, February 2014
- Investment accounts
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- Figure 59: Channels used for investment account activities, February 2014
- Credit cards
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- Figure 60: Channels used for credit card account activities, by age, February 2014
- Secured credit cards
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- Figure 61: Channels used for secured vs unsecured credit card account activities, February 2014
Teens and Young Adults – Attitudes toward Finances and Financial Education
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- Key points
- Videos are the way to reach young adults
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- Figure 62: Attitudes toward finances and financial education, by gender, February 2014
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- Figure 63: Attitudes toward finances and financial education, by age, February 2014
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- Figure 64: Attitudes toward finances and financial education, by race/Hispanic origin, February 2014
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- Figure 65: Attitudes toward finances and financial education, by educational status, February 2014
Teens and Young Adults – Primary Types of Expenditures
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- Key points
- Automobiles are the budget breaker for young adults
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- Figure 66: Primary expenditure categories, by gender, February 2014
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- Figure 67: Primary expenditure categories, by age, February 2014
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- Figure 68: Primary expenditure categories, by race/Hispanic origin, February 2014
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- Figure 69: Primary expenditure categories, by educational status, February 2014
Teens and Young Adults – Sources of Income and Financial Assistance
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- Key points
- Half or more of teens get an allowance
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- Figure 70: Primary sources of funds, by gender and age, February 2014
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- Figure 71: Primary sources of funds, by educational status, February 2014
Teens and Young Adults – Attitudes toward Saving and Spending
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- Key points
- Usage of mobile apps and online tools is low
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- Figure 72: Attitudes toward saving and spending, by age and gender, February 2014
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- Figure 73: Attitudes toward saving and spending, by race/Hispanic origin, February 2014
- Figure 74: Attitudes toward saving and spending, by educational status, February 2014
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- Figure 75: Attitudes toward saving and spending, by educational goal, February 2014
Teens and Young Adults – Payment Methods for Everyday Expenses
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- Key points
- Rent/mortgage
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- Figure 76: Payment method used to pay rent/mortgage, by age, February 2014
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- Figure 77: Payment method used to pay rent/mortgage, by educational status, February 2014
- Auto expenses
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- Figure 78: Payment method used to pay for auto related expenditures, by age, February 2014
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- Figure 79: Payment method used to pay for auto related expenditures, by educational status, February 2014
- Personal care
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- Figure 80: Payment method used to pay for personal care, by age, February 2014
- Figure 81: Payment method used to pay for personal care, by educational status, February 2014
- Entertainment
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- Figure 82: Payment method used to pay for entertainment, by age, February 2014
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- Figure 83: Payment method used to pay for entertainment, by educational status, February 2014
- Dining out
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- Figure 84: Payment method used for dining out, by age, February 2014
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- Figure 85: Payment method used for dining out, by educational status, February 2014
- Groceries
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- Figure 86: Payment method used for groceries, by gender, February 2014
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- Figure 87: Payment method used for groceries, by college student status, February 2014
College Students – Financial Brands Used
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- Key points
- Primary bank
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- Figure 88: Primary bank used in last 12 months, college students by gender, November 2012 – December 2013
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- Figure 89: Primary bank used in last 12 months, college students by age, November 2012 – December 2013
- Figure 90: Primary bank used in last 12 months, college students by race/Hispanic origin, November 2012 – December 2013
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- Figure 91: Primary bank used in last 12 months, college students by region, November 2012 – December 2013
- Credit card issuer
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- Figure 92: Credit card issuer used in last 12 months, college students by gender, November 2012 – December 2013
- Figure 93: Credit card issuer used in last 12 months, college students by age, November 2012 – December 2013
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- Figure 94: Credit card issuer used in last 12 months, college students by race/Hispanic origin, November 2012 – December 2013
- Type of credit and prepaid card owned
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- Figure 95: Type of credit card owned, college students by age and gender, November 2012 – December 2013
- Prepaid cards
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- Figure 96: Brand of prepaid card used, college students by age, November 2012 – December 2013
- Credit monitoring services
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- Figure 97: Use of credit monitoring service, college students by age, November 2012 – December 2013
College Students – Attitudes toward Finance and Investments
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- Key points
- Older male students least likely to trust banks
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- Figure 98: Attitudes about finances, college students by age and gender, November 2012 – December 2013
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- Figure 99: Attitudes about finances, college students by race/Hispanic origin, November 2012 – December 2013
Appendix – Other Useful Consumer Tables
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- Teens and young adults – ownership of financial products
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- Figure 100: Types of financial accounts and products owned – in own name, by college student status, February 2014
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- Figure 101: Types of financial accounts and products owned – joint account with parents, by educational goal, February 2014
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- Figure 102: Types of financial accounts and products owned – joint account with parents, by college student status, February 2014
- Teens and young adults – banking channels used
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- Figure 103: Channels used for checking account activities, by household income, February 2014
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- Figure 104: Channels used for checking account activities, by race/Hispanic origin, February 2014
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- Figure 105: Channels used for checking account activities, by college student status, February 2014
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- Figure 106: Channels used for savings account activities, by race/Hispanic origin, February 2014
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- Figure 107: Channels used for savings activities, by educational goal, February 2014
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- Figure 108: Channels used for savings account activities, by college student status, February 2014
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- Figure 109: Channels used for credit card account activities, by gender, February 2014
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- Figure 110: Channels used for credit card account actiities, by educational goal, February 2014
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- Figure 111: Channels used for credit card account activities, by college student status, February 2014
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- Figure 112: Channels used for credit card account activities, by educational goal, February 2014
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- Figure 113: Channels used for credit card account activities, by household income, February 2014
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- Figure 114: Channels used for credit card account activities, by college student status, February 2014
- Teens and young adults - attitudes toward finances and financial education
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- Figure 115: Attitudes toward finances and financial education, by household income, February 2014
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- Figure 116: Attitudes toward finances and financial education, by educational goal, February 2014
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- Figure 117: Attitudes toward finances and financial education, by college student status, February 2014
- Teens and young adults – primary expenditure categories
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- Figure 118: Primary expenditure categories, by household income, February 2014
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- Figure 119: Primary expenditure categories, by employment, February 2014
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- Figure 120: Primary expenditure categories, by educational goal, February 2014
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- Figure 121: Primary expenditure categories, by college student status, February 2014
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- Figure 122: Primary sources of funds, by household income, February 2014
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- Figure 123: Primary sources of funds, by race/Hispanic origin, February 2014
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- Figure 124: Primary sources of funds, by employment, February 2014
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- Figure 125: Primary sources of funds, by college student status, February 2014
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- Figure 126: Primary sources of funds, by educational goal, February 2014
- Teens and young adults – attitudes toward saving and spending
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- Figure 127: Attitudes toward saving and spending, by gender, February 2014
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- Figure 128: Attitudes toward saving and spending, ages 16-22, February 2014
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- Figure 129: Attitudes toward saving and spending, by household income, February 2014
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- Figure 130: Attitudes toward saving and spending, by college student status, February 2014
- Teens and young adults – payment methods for everyday expenses
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- Figure 131: Payment method used to pay rent/mortgage, by gender, February 2014
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- Figure 132: Payment method used to pay rent/mortgage, by household income, February 2014
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- Figure 133: Payment method used to pay rent/mortgage, by race/Hispanic origin, February 2014
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- Figure 134: Payment method used to pay rent/mortgage, by educational goal, February 2014
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- Figure 135: Payment method used to pay rent/mortgage, by college student status, February 2014
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- Figure 136: Payment method used to pay for auto related expenditures, by gender, February 2014
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- Figure 137: Payment method used to pay for auto related expenditures, by household income, February 2014
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- Figure 138: Payment method used to pay for auto related expenditures, by race/Hispanic origin, February 2014
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- Figure 139: Payment method used to pay for auto related expenditures, by educational goals, February 2014
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- Figure 140: Payment method used to pay for auto related expenditures, by college student status, February 2014
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- Figure 141: Payment method used to pay for personal care, by gender, February 2014
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- Figure 142: Payment method used to pay for personal care, by household income, February 2014
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- Figure 143: Payment method used to pay for personal care, by race/Hispanic origin, February 2014
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- Figure 144: Payment method used to pay for personal care, by educational goal, February 2014
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- Figure 145: Payment method used to pay for personal care, by college student status, February 2014
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- Figure 146: Payment method used to pay for entertainment, by gender, February 2014
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- Figure 147: Payment method used to pay for entertainment, by household income, February 2014
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- Figure 148: Payment method used to pay for entertainment, by race/Hispanic origin, February 2014
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- Figure 149: Payment method used to pay for entertainment, by educational goal, February 2014
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- Figure 150: Payment method used to pay for entertainment, by college student status, February 2014
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- Figure 151: Payment method used for dining out, by gender, February 2014
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- Figure 152: Payment method used for dining out, by household income, February 2014
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- Figure 153: Payment method used for dining out, by race/Hispanic origin, February 2014
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- Figure 154: Payment method used for dining out, by educational goal, February 2014
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- Figure 155: Payment method used for dining out, by college student status, February 2014
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- Figure 156: Payment method used for ordering in food, by gender, February 2014
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- Figure 157: Payment method used for public transportation, by gender, February 2014
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- Figure 158: Payment method used for public transportation, by household income, February 2014
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- Figure 159: Payment method used for public transportation, by educational status, February 2014
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- Figure 160: Payment method used for public transportation, by race/Hispanic origin, February 2014
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- Figure 161: Payment method used for public transportation, by college student status, February 2014
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- Figure 162: Payment method used for groceries, by household income, February 2014
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- Figure 163: Payment method used for groceries, by race/Hispanic origin, February 2014
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- Figure 164: Payment method used for groceries, by employment, February 2014
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- Figure 165: Payment method used for mobile phone, by gender, February 2014
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- Figure 166: Payment method used for tuition, by gender, February 2014
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- Figure 167: Payment method used for tuition, by household income, February 2014
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- Figure 168: Payment method used for tuition, by race/Hispanic origin, February 2014
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- Figure 169: Payment method used for tuition, by college student status, February 2014
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- Figure 170: Payment method used for housing, by gender, February 2014
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- Figure 171: Payment method used for housing, by household income, February 2014
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- Figure 172: Payment method used for housing, by race/Hispanic origin, February 2014
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- Figure 173: Payment method used for housing, by employment, February 2014
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- Figure 174: Payment method used for housing, by educational status, February 2014
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- Figure 175: Payment method used for housing, by college student status, February 2014
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- Figure 176: Payment method used for on-campus meal plan, by gender, February 2014
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- Figure 177: Payment method used for on-campus meal plan, by age, February 2014
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- Figure 178: Payment method used for on-campus meal plan, by household income, February 2014
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- Figure 179: Payment method used for on-campus meal plan, by race/Hispanic origin, February 2014
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- Figure 180: Payment method used for on-campus meal plan, by educational status, February 2014
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- Figure 181: Payment method used for on-campus meal plan, by college student status, February 2014
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- Figure 182: Payment method used for books, by gender, February 2014
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- Figure 183: Payment method used for books, by household income, February 2014
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- Figure 184: Payment method used for books, by race/Hispanic origin, February 2014
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- Figure 185: Payment method used for books, by employment, February 2014
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- Figure 186: Payment method used for books, by college student status, February 2014
Appendix – Trade Associations
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