More Americans say farewell to cash

Americans continue to use cash less and less for everyday needs. Almost one in three in U.S. don't spend cash, and almost half feel okay when they go out without "real money" on them. But does that mean the U.S. is on the path to a cashless society?

Almost a third of Americans have stopped using cash for their typical weekly spending, according to the Pew Research Center. This continues a trend the organization has been tracking since 2015.

In the latest research, 29% of adults don’t use any cash for weekly purchases, up from 24% in 2015. Those consumers who claim that they still make all or nearly all purchases for cash fell to 18%, versus 24% in 2015.

As in the earlier survey, generally the higher the household income, the less likely the consumer is to use cash for everyday spending. The study found that 41% of adults with household income of $75,000 or more used no cash versus 18% of consumers making under $30,000.

Age makes a difference in cash usage, with 34% of adults under 50 using no cash, versus 23% among consumers 50 and older.


continue reading »