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Self-service coin counters help grocery stores bring in retirees

As many retirees or soon-to-retire individuals are pinching pennies to save for vacations, self-service coin counters can help them turn years of savings into usable cash to enjoy during the golden years. It is no secret that retirees enjoy the in-person shopping experience of going to the grocery store. While they are at the store, these retirees are more likely to use a self-service coin counter at a grocer than going to a bank to use the service because it saves them time and gas money. Some retirees have limited mobility and prefer the convenience of a self-service coin counter at a grocer or pharmacy rather than walking to another location. As such, these coin counters can help grocery store owners grow profits because retirees could end up making purchases after using the coin counter. Self-service coin counters are helpful to both store owners and retired individuals because they provide a service for the older individual and a reason for shoppers to come into a store.

Retirees: What are they spending money on?

According to Time Magazine, Americans spend gradually less money on frivolous items as they get older. This is because Americans between the ages of 30 and 55 are more focused on pinching pennies for retirement. Once these individuals hit retirement, they are willing to spend more freely given they have the proper savings at hand. According to 24/7 Wall Street and the Employee Benefit Research Institute, the first three years of retirement are spent more extravagantly than the fourth year. Within the first years of retirement, 45.9 percent of individuals surveyed spent more than they had before retirement on things such as vacations and material possessions. However, by year four of retirement, traditional spending habits of retired individuals slow to compensate for a period of extra spending, making self-service coin counters essential for these individuals.

How can coin counters help retirees?

Between the ages of 30 and 55, many Americans look for ways to save pennies where they can. Because of this, many individuals may have large gallon jugs or jars containing coins that they will bring into grocery stores for cash at a later time. Retired individuals and self-service coin counters go hand-in-hand because they can see the results of their savings over the course of many years. It also provides these vacationers extra spending money to use at restaurants and for shopping while traveling.

May 6, 2016