Cashed out: Quarter of Americans never or rarely carry cash anymore

NEW YORK — More and more Americans are paying for everything electronically or with credit cards. A new study finds that a quarter of Americans say they rarely, if ever, carry cash on them anymore.

The trend is buoyed by millennials, who are increasingly opting to avoid carrying paper currency with them.

Cash
More and more Americans are paying for everything electronically or with credit cards. A new study finds that a quarter of Americans say they rarely, if ever, carry cash on them anymore.

The research, sponsored by the credit card company Capital One, surveyed 2,000 American adults. While 1 in 4 participants overall most often go cashless, the number jumped to a third when it came to millennial respondents (for the purposes of this study, those between 18 and 35 years old). In fact, millennials were 41% more likely to call paying with cash “inconvenient.” When compared to the other age demographics in the study, they were the least likely to call carrying cash with them “very necessary.”

“The research provides an interesting look at the way people choose to pay for things and how the need for convenience often drives this. While it’s perhaps expected that millennials would be quickest to move beyond cash payments in favor of more convenient methods, the results could suggest that this is due to a desire to monitor their finances and spend more responsibly,” says Mark Mattern, Managing Vice President, U.S. Card, for Capital One in a release.

When it comes to shopping habits, respondents estimated that cash purchases make up less than a quarter of their expenditures in a given week. Only 21% said cash is their most common form of payment. On the other hand, the survey showed that 41% of respondents carry cash regularly.

Diving deeper into the debate, the researchers found that for Americans who do carry cash, they keep $25 on average in their wallets. When asked to survey their wallets at the time of being surveyed, however, one in six participants had no cash at all, while two in five had less than $10 on them.

Could these results be just the beginning of the changing tide? Most participants think so. The study found that 6 in 10 Americans think cash may disappear completely as a form of currency one day.

Comments

  1. You ALWAYS carry some cash for emergencies and run up on a place that doesn’t take plastic.
    Millennials, You can educate the ignorant, enlighten the close minded but you just can’t fix stupid.

      1. sounds good in theory.
        Take a gold ring to the grocery store and try to buy some food,, and what would they give you for change?

        1. Food Lion refused both silver coin and gold coins in my hometown. They even refuse to accept U.S. coins and direct you to exchange them, for seven percent fee, at the Coinstar!

          My bank refused to accept coins for deposit.

    1. I stopped carrying cash, living in a high crime area, it was just not a dmart choice. You can not replace it once its gone

      1. Lucifer is a demon as is Satan. They work for the devil. If you continue to allow them to, they will lead you to hell. Lucifer does not bring light, he represents the planet Saturn. He is the false star, liar and corrupt. Christ Jesus died on the cross and shed his blood to protect your passage to heaven. He has given you the path to heaven but the choice is yours.
        God created different races, skin colours, languages and borders for us to learn to love the stranger as we love our neighbor. Don’t fool with your soul because your body has limited time to learn the truth. Your soul has eternity to have to live with the consequence of your choices.
        https://www.youtube.com/watch?v=qYKM1Z9QEJ4

        1. If you asked an ant what God looks like, he would say God looks like an ant. The reality and truth is that God is much more than an ant. Man is God’s creation. God is not man’s creation. Your knowledge is a product of your own ego. It is not from God. Try again because God is not to be used to excuse your own failings as a human being.

  2. WHAT ABOUT FOLKS WHO CANNOT GET A BANK ACCOUNT OR CREDIT CARDS?
    I AM VERY POOR AND HAVE NEVER EVEN BEEN IN A BANK.
    I DO NOT HAVE THE CREDIT CARD OR BANK ACCOUNT????????????????
    MY SSI GOES ON THAT CARD BUT I CAN GET THE CASH MONEY FROM IT
    WE NEED TO MAKE SURE FOLKS CAN STILL USE CASH MONEY BECAUSE NOT EVERYONE HAS THAT CREDIT CARD OR BANK ACCOUNT CARD.
    THIS IS A CIVIL RIGHT

    NOTE: I HAVE A HATEFUL CYBER STALKER. HE CAN EVEN POST WITH MY SAME NAME!!!!! PLEASE IGNORE HIS HATEFUL MOCKINGS.

    1. “I am very poor” “I AM” is the name (nature of G.o–d) “very poor” is taking His name in vain, for ALL things are made from nothing, including you, because just a second before your dad’s spe–r.m was produced and your mum made the egg, both did not exist.

      1. Was not Christ a Nazarene? Was he not from King David’s blood line? So this makes him Black?
        Like a Black Jew? How about Olive skinned?

  3. ….and those are the “I want it now crowd” that have NO emergency fund, retirement accounts, no savings, plenty of student loans and credit card debt.

  4. Cash is paper with the faces of d.ea_d hewn men (humans, torsi void of the limbs of spiritual wherewithal Daniel four- ten to seventeen), as the prospective sons of The Absolute One are still ‘honoring’ the d.e.a_d and d–yin’ (of spiritual ignorance) and keep ‘learning’ from them, expecting a ‘different’ result…

    1. I have the impression from your various comments that you are a real nut case. Any chance I have a correct read on you?

  5. Few months ago my wife and I were in a mjr grocery store in Nashvile, waiting in line to check out with a full cartload. Over the speakers came this message…”attention XYZ customers, the electronic payment system is down, no electronic transactions will be processed until the system is fixed..”
    People began griping and scrambling. We two seasoned citizens were in line and we always pay in cash. I asked the cashier..”ma’am, I have CASH, and correct change….may we go on and check out?” She replied “Yes you can check out now”. One other older couple had cash and the 4 of us got our food and went on our way. The rest of the ‘shoppers’ were walking out empty handed, griping and complaining and giving us nasty looks as ee loaded our food into the car. . Simple lesson for when things get sticky and the grid goes down. Our CC was hacked a couple years ago..we always try to pay with cash.

  6. Mostly banks and governments corporate America are pushing for a cashless society . But 1/3 of the nation is cash only.

  7. Ha, ha, it just happened days ago. The whole place was busy, but no one was able to buy food or gas, except 3 people with cash. In no time, the place was backed up and busy, while management looked for generators. When electricity goes out, only people with cash continue living normally.

  8. Debit or credit cards I wonder how in debt these people are. That old saying cash is king will apply in the event of blackouts or power grid outages. Really folks the idea is keep out a few hundred from your account and put it away someplace. I use cash for almost everything. And I never have to worry about credit card scanners or forgery.

  9. That’s because you can’t get cash with an EBT card. You have to have a job to carry cash.

  10. ….As long as the cashless buyer can pay it off within 30 days. That takes discipline. Which 99.999% of those EBT creatures have none of.

  11. Capital One… Not in my pocket,or smartphone. Cash is still king; Big Brother has lots of stupid min-nellials to survey, watch over, control and subjugate just like in Communist China.

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