U.S. Consumers Prefer Cards and Carry Less Cash
Most U.S. consumers carry very little cash today, according to a new Bankrate.com study. The study found that only 7 percent U.S. consumers carry $100 or more on a given day, with 80 percent carrying less than $50 in cash on a regular basis. Nearly 50 percent carry $20 dollars or less on a given day, while 9 percent do not carry any cash at all. “Consumers prefer to pay with plastic, debit, or credit, or some other type of mobile technology,” says Bankrate.com’s Greg McBride. He says one reason is that card or mobile payments are easier to track than cash transactions as they are detailed in account statements and can increasingly be checked in real time with online and mobile banking. Some consumers worry that cash is too easy to spend and can put them at risk of breaking their budgets. In addition, more than a quarter of U.S. consumers live paycheck-to-paycheck, meaning they have little money to carry as cash in the first place, according to a separate Bankrate.com poll.
From “What’s In Your Wallet? Probably Not Cash”
Washington Post (05/12/14) Marte, Jonnelle