Most Americans foresee death of cash in their lifetimes
25 July 2016 | 8330 views | 5
More than half of Americans still like to have cash on them at all times but 62% expect the US to become a cashless society in their lifetimes, according to a Gallup survey.
Of just over 1000 people surveyed, 62% think that it is likely or very likely that the rise of electronic payments will lead to a cashless society within their lifetimes. The view has solid majorities in all age groups, including 58% of those 65 and older and 63% of 18 to 29 year-olds.
However, 54% of respondents still say they like to have cash on them at all times, although there is a clear age divide. While 56% of 18 to 29 year-olds are comfortable not having cash, just 32% of those 65 and older are.
While older adults generally like to have cash always on hand, this does not mean they like to carry the most cash. Instead, those aged 30 to 49 like to have the most on hand, averaging $61.73. That is more than double the average amount of cash 18 to 29 year-olds like to carry.
The death of cash has long been predicted. A recent poll of 2000 Brits, carried out by the Mayor of London's PR company, London & Partners, showed that 68% of people think that cashless technologies will completely replace physical money by 2036.
Yet earlier this year the central bank of Sweden - often lauded as a country well on its way to becoming a cashless society - kicked against the grain by calling for access to physical money to be a legal right.