Friday, July 15, 2016

Going Cash-Free

Do you ever spend cash any more? Fewer Americans say they are making "all" or "most" of their purchases with cash, compared to what they say they did five years ago, according to a new survey from Gallup.

Gallup asked Americans about the extent to which they use cash for retail purchases -- and how much they used cash five years ago. While 24 percent report currently making all or most of their purchases with cash, 36 percent say they were doing this five years ago. Conversely, 53 percent say they currently make only some or none of their purchases with cash, versus 43 percent saying this five years ago.

Not surprisingly, younger people are leading this shift. Twenty-one percent of young Americans aged 23 to 34 say they make all or most of their purchases with cash, down 18 percentage points from the 39 percent who say they used cash to that extent five years ago. In contrast, those aged 35 to 54 saw just a two-point drop.

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