{"id":19525,"date":"2024-06-18T03:21:21","date_gmt":"2024-06-18T07:21:21","guid":{"rendered":"https:\/\/mentorscollective.com\/?p=19525"},"modified":"2024-06-18T03:21:34","modified_gmt":"2024-06-18T07:21:34","slug":"cashless-country-are-americans-ready-for-a-cashless-society","status":"publish","type":"post","link":"https:\/\/mentorscollective.com\/cashless-country-are-americans-ready-for-a-cashless-society\/","title":{"rendered":"Cashless Country: Are Americans Ready for a Cashless Society?"},"content":{"rendered":"\n

The old saying “cash is king” may be losing its relevance in modern American society. As digital payment methods become more prevalent, especially in the wake of the COVID-19 pandemic, Americans are increasingly turning away from physical currency. A recent survey by CardRates.com<\/strong><\/a> of over 1,000 people nationwide sheds light on the public’s perception of the shift towards a cashless society and the implications it may have for consumers and businesses alike.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image: CardRates-Cashless-Country_Graphic-1<\/p>\n\n\n\n

America’s Changing Views on Cash: The survey reveals that a significant majority of Americans, 70%, believe the United States is moving towards becoming a cashless society. However, this transition is not welcomed by all, with 77% of respondents stating that they don’t think the country should go completely cashless.<\/p>\n\n\n\n

The use of cash is notably diminishing, particularly among younger generations. Two in five Americans surveyed admitted to not usually carrying cash, while one in ten Gen Zers claim to never use cash at all. This shift in behavior may explain why three in five Americans no longer consider cash to be “king.”<\/p>\n\n\n\n

The Rise of Credit Cards and Mobile Payments: As cash loses its prominence, credit cards are quickly becoming the preferred method of payment for many Americans. The survey found that 69% of respondents favor paying for goods and services using credit cards. The convenience of carrying a card, the desire to earn rewards points, and concerns about theft are among the top reasons cited for this preference.<\/p>\n\n\n\n

Image: CardRates-Cashless-Country_Graphic-2<\/p>\n\n\n\n

However, the reliance on credit cards comes with its own set of challenges. Over half of those surveyed (54%) perceive credit cards as “free money,” and 71% acknowledge that it’s easier to overspend when using a card \u2013 similar to how Americans feel about Buy Now Pay Later<\/a><\/strong> (BNPL) options. Despite these drawbacks, 79% of respondents find it easier to track their spending with credit cards, and nearly one in four admit they would struggle to make ends meet without them.<\/p>\n\n\n\n

The survey also highlights the growing popularity of payment apps like PayPal, CashApp, and Venmo. A staggering 94% of Americans use these apps on their phones, and 39% believe that credit cards may eventually become obsolete in favor of phone-based payments. This trend is most prominent among younger generations, with 52% of Gen Zers preferring to use their phones for purchases and 32% of both Gen Zers and millennials expressing a desire to ditch their wallets entirely in favor of their phones.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Image: CardRates-Cashless-Country_Graphic-3<\/p>\n\n\n\n

The Impact on Businesses: The shift towards a cashless society has led to some businesses adopting a cash-free model, accepting only credit or debit cards. However, this approach is not universally popular, with only one in five Americans surveyed preferring cashless businesses. Whether it\u2019s shopping at a boutique or having dinner with a date<\/strong><\/a>, more than half (56%) believe that businesses should not be allowed to go completely cashless, with one in five citing concerns about potential discrimination against those who primarily use cash.<\/p>\n\n\n\n

On the other hand, cash-only businesses, typically independently owned establishments aiming to avoid card processing fees, are becoming increasingly rare. While 39% of people surveyed have visited a cash-only establishment, over one in ten have had to leave or have someone else pay for them due to not having cash on hand. The scarcity of cash-only businesses is evident, with 46% of respondents expressing surprise that they still exist.<\/p>\n\n\n\n

Generational Differences in Cash Handling: The survey reveals significant differences in cash handling habits across generations. Baby boomers are the most likely to carry cash, with nearly three in four respondents saying they usually keep it on hand. In fact, 38% of boomers experience anxiety if they don’t have cash with them. Conversely, only about 54% of Gen Z respondents typically carry cash.<\/p>\n\n\n\n

The United States continues to evolve towards a cashless society, it is crucial to consider the implications for both consumers and businesses. While the convenience and benefits of digital payment methods are undeniable, it is essential to ensure that the transition does not lead to the exclusion or discrimination of those who rely on cash. Striking a balance between cash and card usage, along with a well-rounded credit card portfolio, can help individuals navigate this changing landscape effectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the United States moves towards a cashless society, it is crucial to consider the implications for both consumers and 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