Project 2: Stereotype Storybook - FINAL DELIVERY

February 22, 2018

The goal of this book is to change the stereotype: “Asian Americans prefer to pay with cash rather than cards,” which is something I have heard, since I moved to America. Many people think that Asian Americans don’t trust banks, therefore, Asian Americans would like to keep cash at home and pay with cash. I am interested in this topic and want to do research to learn more about it. After I did online research and interviews with some Asian Americans, I found that the older generation people would prefer to pay with cash. Many of them have language barriers, which makes it difficult to communicate with bank staff and paying with credit cards will lead to overspending. On the other side, the young generation doesn’t have this problem, they speak fluent English, are used to new technology and prefer online shopping with cards. Since different generations have distinctive growing backgrounds, they have different payment preferences. The story I generated is about two generations who have an argument because they prefer different ways of payment. Both of them want the other one to follow their method. The point I want to make is that there is no wrong way of payment, since both ways have advantages and disadvantages.

 

Interviews

 

1) Angela Wang, female,36 yrs old, housewife, Chinese immigrant, her husband is French. They live in Oakland(Piedmont). She moved to Oakland 3 years ago. She has two children(1 boy and 1 daughter). 

 

Angela told me that her nanny has been robbed near Oakland bart station. At that time, her nanny did not bring much cash with her, therefore, the robber was angry and hit her badly. Angela feels worried about that if she would face the same situation, so she keep more than $500 at home, and takes more than $100 every time she is out.

 

2) Helen Li, female,38 yrs old, restaurant boss, Chinese immigrant, her husband is Caucasian American. They live in San Francisco. She moved to San Francisco 4 years ago. She and her husband own a restaurant in Shanghai, China.

 

Helen used to pay by cash, especially in Chinatown, but now she prefers to use Apple-pay. She feels convenient to only take her phone out with friends.

 

3) Alice Chen, female, 34 yrs old, housewife, Chinese immigrant, her husband is Chinese. They live in Alameda. She has three children. They moved to Alameda three years ago. They have business in Zhongshan, China.

 Alice prefers to pay by credit cards. However, some stores in Chinatown only accept cash, and also her children's Chinese teachers of the enrichment programs, such as drawing and gymnastics. Her parents only use cash, because they don't know how to deal with banks in English. 

 

4) Alex,Li, male,36 yrs old, real estate agent, Chinese American, he came to American 17 years ago. He lives in Hayward. 

 

Alex usually spends with credit cards, but some Chinese restaurants in the Bay area don't accept cards, so he prepares some cash with him. He was robbed in Oakland once many years ago, so he never takes too much cash when he's out. His mother works in Chinese restaurant of Oakland. She finishes her work late at night, so she never takes too much cash. They do keep cash at home, since her boss gives her cash for wage every month. She doesn't want to file tax, so she doesn't save the money into banks. She wants to save money.

 

5) Jessica Yang, female,Asian American, CCA student. Her parents stayed in American 20 years ago, after graduated from grad school. She lives in Oakland.

Jessica prefers pay by cards. Her dad suggested her to bring some cash with her, because he worried about she would get hurt if she is robbed without cash.

 

6) Taihong Chen, male,Originally from Beijing, Chinese student of CCA, his grandparents live in Dublin.

 

Taihong prefers pay by cards. His grandparents also like to use cards and don't keep much cash at home.

 

7) Kendra Wong, female,27 yrs old, Chinese American, CCA student. She is the third generation of Chinese immigrant. She lives in San Francisco.

 

Kendra prefers pay by cards. Her grandma likes to keep cash at home, because she doesn't want to deal with banks and she wants to save money.

 

Secondary research

Poll: Pay with cash or card for $5 purchase?

Cash is still king, but crown slips; millennials love to pay by card

By Sienna Kossman  |  Published: March 22, 2016

only 19% of the population over 65 swipes for small purchases, and even the next cohort down—the 50-64-year-olds—overwhelmingly favors cash over cards, 77% to 28%.

A majority of those surveyed (58%) says they’ll use cash for purchases of $5 and under, while cards are preferred by 38%. Debit cards are favored over credit, 27% to 11%. Not surprisingly, a higher proportion of millennials (64%) prefers using a card for such small purchases. They grew up in an era that saw an increased usage of plastic, and consider a card far more convenient. In fact, Gen Y is the only age group that prefers plastic over cash.

A majority of those ages 18-29 now prefer paying for small purchases with credit or debit, and only 36 percent will pay with cash.

young adults prefer plastic for small transactions because they are just accustomed to swiping a card or paying online, not pulling out cash and coins.

“There is just no place to put cash anymore,” Ahlawat said. “Even if they are getting something out of a vending machine, they use a card. It’s just more convenient for them.”

The  preference for cash jumps to 72 percent for 50- to 64-year-olds and to 77 percent for those 65-plus.

“This is very much a generational thing where ‘cash is king’ and many retired folks are on limited budgets and know exactly to the penny how much money they can spend,” Lesavich said.

Much like how younger consumers are just used to paying digitally, some older consumers are accustomed to cash, like 50-year-old Mike Scanlin, CEO of Born to Sell. For him, it makes sense to pay for small, day-to-day purchases with bills instead of plastic.

“I carry cash all the time,” he explained.  “The reasons are: No. 1, It's faster. I don't enter a PIN or have to sign. No. 2, I use Quicken to track finances and I don't want to have to enter every little $1 spent. I only have to enter, and later reconcile, expenses made with check or credit/debit cards, because I get statements on those. No. 3: Sometimes I don't want an electronic record of my purchase.”

https://www.creditcards.com/credit-card-news/pay-with-cash-poll.php

Paying With Cash Helps You Save. It Also Can Give You More Joy By ETHAN WOLFF-MANN

July 18, 2016

Paying with a credit card has many benefits, but appreciating the value of money isn’t really one of them. When the actual money is virtual — represented solely by a line on a screen — and the process of making a purchase is a quick swipe or a tap, it feels less real and less precious.

Does It Matter Whether You Pay With Cash Or A Credit Card?

Utpal Dholakia https://www.psychologytoday.com/blog/the-science-behind-behavior/201607/does-it-matter-whether-you-pay-cash-or-credit-card

a large study spanning 60 countries found that consumers made a total of 417 billion cashless payments in 2014, up from 311 billion transactions just four years earlier (or a third more, in percentage terms). One recent industry study found that only 14% of American consumers use cash for everyday purchases. And another 2014 survey reported that just 9% of people preferred to use cash. 78% of those surveyed, in contrast, preferred to pay for things with a credit or debit card.

The good thing for cards:  convenience,liability

Most of our understanding about the effects of paying by cash vs. using a credit card comes from recent consumer psychology research studying the links between payment method and shopper behavior.

#1. Paying with a credit cards is less painful than paying with cash. So shoppers spend more money.

#2 Credit card users not only spend more, but they also purchase more unhealthy things.

#3 Those who pay with cash enjoy a better relationship with their purchased products.

 

Prototype

 

 

 

 

 

 

 

Final deliverable: Stereotype Storybook: https://youtu.be/t0IpLQ1jNaQ

 

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