Americans Using Cash Less Often
A recent poll from Gallup reveals that more Americans are using cash less often, with a majority believing the U.S. will be a cashless society in their lifetimes. Gallup says greater use of online shopping, especially during the coronavirus pandemic, is one major factor leading to changes in cash usage. In addition they say lower-income Americans more commonly use cash for purchases than do middle- and upper-income Americans. Seventy-three percent of upper-income earners use cash for only a few or none of their purchases, compared with 49% of lower-income earners.
“Internet and smartphone technology has transformed the way people pay for things. They no longer need to visit their banks to withdraw money and carry it with them in order to make most purchases.”
Key Points:
- 13% say they use cash for most purchases; 25% did five years ago
- 64% say it is likely the U.S. will be cashless in their lifetime
- Many more would be upset than happy if U.S. becomes a cashless society
Click here to read the full report at Gallup.com.
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