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Infographic: Most Americans OK with going cashless

Sabrina Karl
Personal Finance Writer
Data whiz and visual storyteller

 

More than 6 in 10 Americans believe they’ll see the U.S. become cashless in their lifetimes, with those under 30 making the fastest strides in that direction. 

A new Gallup poll shows that a majority of millennials age 18-29 are comfortable carrying no cash when they’re out. Just 42 percent of 30- and 40-somethings, and less than a third (32 percent) of baby boomers feel the same.

When asked how much they like to have on them when they leave the house, the median, or middle, response was $20 for those between 30 and 64. Those 65 and older like to leave the house with $25. For the median 18- to 29-year-old, the amount was $0.

Calculating mean averages instead of the median tells a slightly different story, with Americans age 30-49 preferring to carry the most cash. Perhaps because they are in their peak earning years, with many having dependent children in tow, the average amount this group tends to carry is $62, more than double the $27 mean reported by those under 30.

Across all age groups, however, the belief that they would see the U.S. become a cashless society varied little, ranging from 63 percent for 18- to 29-year-olds to 58 percent for those 65 and older.

The Gallup poll was conducted by telephone June 22-23, 2016, with a random sample of 1,024 adults age 18 and older, living in all 50 U.S. states and the District of Columbia.

 

See related:Poll: Pay with cash or card for $5 purchase?, More parents giving their kids credit cards, More infographics

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