8 in 10 Americans have less than $50 on them
A new survey shows Americans' declining reliance on cash for transactions.
This post comes from Krystal Steinmetz at partner site Money Talks News.
How much cash do you have in your wallet right now?
If you're like the vast majority of Americans, you don't have much. Half of Americans say they carry less than $20 each day.
That's from a new survey by Bankrate.com. It reaffirms what most people already know: Cash is no longer king.
There has been a substantial decline in Americans' reliance on cash, as alternatives like credit and debit cards and mobile phone payment apps have gained popularity.
"If we move to a truly cashless society, it won't be much of an adjustment for most Americans," said Greg McBride, CFA, Bankrate.com's chief financial analyst.
"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," McBride said.
On average, men carry more cash than women. About 86 percent of women carry less than $50, compared with 70 percent of men.
The following results show what you'd find if you opened up wallets across the country:
- More than $100. Just 7 percent of Americans carry a Benjamin or more on a daily basis.
- Less than $50. About 8 in 10 Americans carry less than $50.
- None. About 9 percent of people don't carry any cash at all.
I'm with the 1 in 10 who carry no cash. I pay for almost everything with my debit card. I also live in a small town, so if I forget my debit card, most businesses still accept personal checks.
How much cash do you carry?
More from Money Talks News
with the current economy and taxes it is a wonder we have any cash ... we are acting like the government by putting everything on a charge card hoping we can push the debt down the road and pay for it in the future...
I learned a long time ago to not carry more than about $20. When I have cash, it just seems to disappear, and I don't even remember spending it.
It may not work for everybody, but using my debit card to pay for this instead of cash really does help me manage my budget better. I waste less money, too.
The last paragraph in this article made me chuckle, though:
"...if I forget my debit card, most businesses still accept personal checks."
Checks? Really? They need to do a new poll to find out how many Americans still walk around with their checkbooks handy. Maybe I'm wrong, but I'd be willing to bet that percentage has decreased, too.
I always carry cash. Can't wrap my head around not having cash on me. Feels naked. Plus I always carry 4 quarters in the event I need to make a phone call, and don't have my cell phone, (I sometimes leave it at home just for peace and quiet) or if the battery goes dead. Although that is unlikely, haven't had a battery go dead on me in over 10 years.
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