EXCLUSIVE: America’s cash decline: Almost half of shoppers say they use cash just once a month or less, DailyMail.com survey shows
EXCLUSIVE: America’s cash decline: Nearly half of shoppers say they use cash just once a month or less, DailyMail.com survey finds
- Only 8 percent of Americans still pay with cash every day, a survey shows
- Millennials and men are more likely to visit an ATM to withdraw money
- How often is cash used in your city or state? Write to money@dailymail.com
<!–
<!–
<!–
<!–
<!–
<!–
Nearly half of the American population hardly uses cash and more than one in ten pays exclusively with credit or debit cards, new figures show.
An exclusive survey by DailyMail.com found that 46 percent of people pay with cash less than once a month, while only 8 percent say this happens every day.
Gender and age are associated with cash use, as 69 percent of men have visited an ATM in the past month, compared to 55 percent of women.
And millennials were more likely to spend money, even though boomers grew up finding it easier to use, research firm’s analysis shows Opinion.
Men in their late twenties and thirties therefore visit an ATM most often: 72 percent still do so most weeks.
According to a survey by DailyMail.com, 46 percent of people say they pay with cash less than once a month. *values do not add up to 100 percent due to rounding
Men in their late twenties and thirties therefore visited an ATM most often. The photo shows an Apple employee counting cash to pay for an iPhone in Los Angeles in September
During an average month, about 54 percent of Americans pay with cash every other week or less.
Less than a quarter, 24 percent, pay with cash less often than once a month and one in ten, 11 percent, makes no purchases with cash at all.
Just over two in five, 43 percent, pay cash at least once a week, while one in five, 22 percent, do so several times a week.
And millennials are the most likely to pay with cash: two in five, 41 percent, do so every day or several times a week during a typical month.
Boomers, the generation that grew up during cash’s dominance, use cash less often, with only one in five doing so every day or several times a week.
According to Opinium research, half of Americans now prefer to pay digitally rather than in cash.
The preference for using digital payment methods also increases quite steadily with income – likely due to the expensive barrier to entry.
About two in five (about 44 percent) of those earning less than $50,000 a year prefer digital payment methods, compared to 59 percent of those earning $100,000 or more.
The preference for using digital payment methods also increases quite steadily with income – likely due to the expensive barrier to entry
The survey also shows that the majority of Americans are concerned about widespread bank branch closures, and that these closures are hitting lower-income households the hardest.
About 10 percent of Americans with a household income of less than $50,000 said they have no local bank branch at all. That’s compared to just 3 percent of Americans with a household income of $100,000 or more.
The survey also found that physical services are less accessible to Black Americans.
While 14 percent of black Americans said they did not have a local chapter, only 8 percent of white Americans did so.
With inflation soaring and the cost of living soaring, experts warn that customers are more likely to want to discuss their finances face-to-face with their bank.
Branches provide a lifeline for anyone who needs to speak to an employee or perform simple tasks such as cashing a check, making a deposit or obtaining cash.