It could be a portent of the long-foretold cashless society, or just a sign of consumer confidence, but nearly one in 10 Americans no longer carry cash on a daily basis, according to a new report from Bankrate.com.
The survey, conducted by Princeton Survey Research Associates International, also found that 78 percent of Americans carried less than $50 in paper money, and that 49 percent carry $20 or less each day. Nine percent went without cash entirely, the survey found.
“If we move to a truly cashless society, it won’t be much of an adjustment for most Americans,” Greg McBride, Bankrate.com’s chief financial analyst, said in a press release. “The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it’s more out of necessity than a desire to pay with cash.”
The survey also found that cash-carrying correlated to some degree with gender: Eighty-six percent of women reported carrying less than $50, compared to 70 percent of men.