A majority of Americans think they will see the death of cash in their lifetime, says a new poll from Gallup.
According to the survey, nearly two-thirds (62 percent) of Americans think the United States will transform into a cashless society in their lifetime. This means that all purchases will be made with credit cards, debit cards and other electronic payment mechanisms in the future.
A majority (54 percent) of Americans overall do admit, though, that they like to have some cash on them at all times. For adults nationwide, the average sum of cash Americans usually have on hand is between $20 and $50.
Of course, fewer young people make cash transactions and are becoming increasingly comfortable with not having any cash at all in their wallets or pockets. Fifty-six percent of millennials (18 to 29) are comfortable not having cash with them.
Here is what Gallup writes:
“Cash is becoming less a part of Americans’ purchasing behavior as they gravitate toward other payment options and shift toward online purchases, rather than transactions in a brick-and-mortar store. Younger American customers’ lower likelihood to use cash and greater comfort with not having it on hand suggest that the economy will have to adapt. This has significant implications for the credit card, banking and e-commerce industries as well as the local stores and businesses in every U.S. town and city. In the short term, this shift will place greater pressure on these businesses to adapt and accept electronic payments. In the long term, Americans largely predict that cash will become a relic.”
Remember, even if you’re an avid user of plastic or your smartphone, it’s always a good idea to have money with you or, at the very least, cash at home. By having cash at home, you will be safe in cases of emergencies, power outages and other unforeseen incidences.
The Gallup telephone survey was conducted with 1,024 adults between June 22 and June 23. It contains a margin of error of four percentage points.
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