Cash and is Still Popular with Americans - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Cash and is Still Popular with Americans

Cash and is Still Popular with Americans

Add to Favorites:
Cash and is Still Popular with Americans
June
2

While credit cards are popular, cash is still hot with consumers, according to a new study, estimating that 79% of Americans used cash to make payments last year, even though they could have used a variety of mobile, online and plastic payment options.

The U.S. Consumer Payments Outlook Through 2020, published by Packaged Facts, a market research firm, took a close look at payment trends. While they found that many Americans prefer using cash, even individuals who typically opt to use other methods, like payment cards and checks, frequently use cash too.

“It may be faster to swipe or tap a card. It’s arguably easier to press a button on your cellphone or keyboard. But cold hard cash still has its place, and it’s an important one that consumers not only use but also trust,” says David Sprinkle, research director for Packaged Facts.

Millennials prefer cash too

Millennials are well known for being tech savvy, but those falling in the 18- to 24-year-old demographic made up the biggest percentage of people who prefer to fork over cash when making a payment, rather than using plastic or virtual methods. Just about a quarter of the other generations said they preferred cash, compared with 38% of Millennials.
That said, across the generations cash was attractive to people for a variety of reasons, including:

  • Helping manage debt
  • Keeping their data secure
  • Maintaining their privacy
  • Avoiding payment and card fees

Is cash popular because people are having credit issues? In the study less than 10% of people said that they decided to use cash because they had issues getting a credit card.
Best uses for cash

What items or services are people using cash to purchase? The top items are:

  • Transfers and gifts to individuals
  • Government and non-profit purchases
  • Personal care items and food
  • Car related purchases

Many consumers are using cash for small day-to-day purchases, with 50% of people using it to pay for services and items costing less than $25, while 60% reported using cash for purchases costing less than $10. And many people reported that cash is their preferred backup if they can’t use a card.

Add to Favorites:

Related News:

Futuristic Shopping Trends
Futuristic Shopping Trends

Posted: March 24, 2017

Consumers forecasting what shopping will look like in 2030 expect to see everything from interactive mirrors, digital assistants and in-home chat bots, to data-enabled customized shopping, and instant returns and purchases. Continue reading
Free Meal for IKEA Family Members
Free Meal for IKEA Family Members

Posted: March 19, 2017

The IKEA’s ‘eat for free’ deal appears once in a while and visitors have a chance to grab it this weekend. Continue reading
Instant Financing Options Hot with Consumers
Instant Financing Options Hot with Consumers

Posted: May 22, 2017

Instant financing is becoming more attractive to American consumers who shop online, according to a new study, with 75% indicating that if they had to choose between an online retailer that was offering instant financing... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. Bonus Miles - For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee
For Bad Credit