Cash is losing its luster among consumers

July 18, 2016

 

CashWASHINGTON — Most Americans believe that the country will become a cashless society in their lifetimes. That is according to a new gallup poll released Monday.

Sixty-two percent of Americans said they believe the country would be a cashless society in their lifetimes. The belief is fueled by the expanded use of credit cards, debit cards and other electronic payments options. In short, the survey found that more people are becoming comfortable without cash in their pockets.

While the highest percentages of those in younger age groups tended to believe cash is on its way out, 58 percent of those 65-and-older shared the view.

Fifty-six percent of those age 18 to 29 are comfortable leaving the house without any cash. Majorities, ranging from 54 percent of 30-49 year olds to 62 percent of those 65-and-older, still preferred to have cash on them at all times.   

The amount they carry also varies by age and earning power. Those in their peak earning years of 30-49 carried $61.73. Those 18-29 tended to have the least cash with them, carrying just $27.25. Nationally Americans tend to carry $49 in with them.

Overall, the study found that cash is becoming less a part of American’s purchasing behavior. This could have large implications for industries such as credit card, banking and e-commerce industries as well as the local stores and businesses.

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