ABA Banking Journal
Most American adults — 62 percent — say it is likely or very likely that the U.S. economy will be completely cashless in their lifetimes, according to a new Gallup survey. This expectation is fairly evenly distributed across all age groups, with 58 percent of those over 65 and 63 percent of adults under 30 agreeing.
However, younger generations demonstrate significantly more comfort with not having cash and are far less likely to have cash on them at any given time. Fifty-six percent of those under 30 say they are comfortable being cash-free, versus 32 percent of those over 65, while 42 percent of the younger demographic say they have cash on them at any time, compared with 62 percent for those over 65.
While the average adult still carries $49 in cash when out of the house, the share of Americans who pay for most or all of their transactions with cash has dropped from 36 percent five years ago to 24 percent today.
