Americans are less and less fond of carrying cash

Americans are less and less fond of carrying cash. [Reported by Kaisen, compiled by Qiaobao, March 23] A new study shows that one in four Americans rarely carry cash with them anymore...

[Reported by Kaisen, compiled by Qiaobao, March 23] A newly released study shows that one in four Americans rarely carry cash with them when going out, and Millennials (respondents aged 18-35) are the main force driving this trend.

(Photo source: Reuters)

According to the New York Post, this study conducted by Capital One surveyed the spending habits of 2,000 American adults and found that only 41% of respondents claimed that they now often carry cash when going out.

In fact, on average, people spend more money using credit cards than cash every week, with credit card purchases accounting for 28% of total consumption.

Additionally, one-third of Millennials claim they rarely or never leave the house with cash, indicating that Millennials are using credit cards to spend more than any other age group.

When broken down by age, the study found that younger generations are increasingly moving away from cash spending, with 34% of Millennials admitting they rarely or never carry cash, compared with just 25% of those over 55 years old.

More than any other age group, Millennials are more likely to think using cash is “inconvenient” and most likely to think carrying cash is “unnecessary.” At the same time, Millennials are also more likely to spend their cash as soon as they have it.

The research data shows that more than a quarter (29%) of the 2,000 respondents rarely or never use cash. Respondents themselves estimate that cash accounts for less than a quarter (24%) of their total weekly purchases.

The study also found that one in six respondents said they would go a week without cash, and only 21% said cash was their most common method of payment.

The survey also shows that the growth of credit card spending and other methods is affecting the extent to which Americans use cash. When it comes to buying groceries, paying for gas and dining out, credit cards have far surpassed the use of cash. However, cash still dominates when it comes to paying for transportation or services. For those Americans who carry cash in their wallets, the average amount carried per trip is $25.

One in six respondents had no cash on them at all at the time of the survey, while four in five (39%) had less than $10 in cash. Survey data also shows that people believe that credit card spending actually leaves a person in a better financial position. 44% of respondents believe they would prefer to spend money if they had cash.

More respondents also believe that compared with credit card purchases, cash is the most difficult payment method to track. In this regard, Mark Mattern, executive vice president of Capital One Financial Company's "US Card", pointed out that the research results may indicate that Millennials who like to use credit cards may be more interested in monitoring and managing their financial status. As credit cards and digital spending become more prominent, 61% of Americans believe cash will one day disappear entirely.