Younger People Prefer Cashless Society

Show me the money!! It's a memorable movie line, but younger shoppers would rather see some plastic.

A new survey finds a majority of Americans WANT to move to a cashless economy,.

Travis Credit Union polled more than 2,000 Americans and their survey found fewer people actually carry cash, in part because of the pandemic.

Those who want a cashless tend to be younger too. A majority of Baby Boomers are carrying crash and 45% of Gen X'ers have at least some pocket money. That figure drops to 40% among millennials.

According to the study, the average person is now twice as likely to buy goods with a debit or credit card then with cash. Only 16% of people in the survey say they always carry cash and 37% only have money in their wallets sometimes.

Almost two-thirds of the respondents said they regularly use a digital payment platform like Venmo or Zell.

One of the biggest reasons Americans are opting to pay by card is the convenience. Over 50 percent say using a credit card is easier than carrying cash. Another 24 percent believe it’s safer than using paper money, but that opinion isn’t widely shared.

Fourteen-percent said they prefer to use cash because it helps to keep them on budget.

Image courtesy Getty

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