Wallets get thinner as U.S. consumers avoid cash
Mobile payment apps gain traction
Data whiz and visual storyteller
With mobile apps gaining traction as an accepted way to pay bills and other people, cash is taking up residence in fewer and fewer wallets. And even when there are some bills in the billfold, many Americans are carrying a minimal amount, and aren’t pulling it out for purchases very often.
U.S. Bank’s Cash Behavior Survey found that the preference for using digital apps to make payments slightly edged out the preference for paying with cash, at 47 percent versus 45 percent. It also found that men are more likely users of person-to-person payment apps, at 48 percent of male respondents compared to 38 percent for women.
The survey findings also highlighted how many consumers are going without cash at all, or accessing it infrequently. Forty-six percent of respondents said they have no cash on hand more than half the time, and an additional 5 percent said they never use cash anymore.
When consumers do have some money in their wallet, about half (49 percent) keep just $20 or less on hand. And a comparable share (50 percent) say they use cash fewer than eight days per month. That means, on average, they’re going five or more days between cash purchases.
U.S. Bank’s survey drew from a nationally representative sample of about 2,000 U.S. adults age 19-71 who have a current banking relationship (checking or savings) and who own a smartphone. The online survey was administered from June 1-7, 2017, with results released Aug. 16.
To use the graphic on your site, use the following code:
- Data breaches dropped in 2018, but more personal information was exposed – The number of data breaches dropped 24 percent in 2018, but the number of sensitive records involved in those breaches more than doubled, for a whopping 126 percent increase ...
- Debit payments surge, but more money is spent on credit cards – If you've been using your debit card more often than you did last year, but charging more dollars to your credit card, your pattern matches the findings of a new study by the Fed ...
- Millennials most candid when discussing money with future spouses – A new survey shows millennial couples consistently reporting greater transparency and more candid discussion with their future spouses on a number of financial fronts than older adults ...