Nearly two-third (62%) of Americans expect the US to become a cashless society in their lifetime, with all purchases being made with credit cards, debit cards and other forms of electronic payment, according to a new Gallup survey.
Solid majorities in all age groups backed this view, including 58% of those 65 and older and 63% of 18 to 29 year-olds.
However, out of over 1000 respondents 54% said they still like to have cash on them at all times. Forty-two percent said they are comfortable not having cash on them.
According to the report, younger Americans between the ages of 18 and 29 are the most likely to be comfortable not having cash. Americans aged 30 and above — including more than six in 10 among the oldest Americans – said they would prefer having cash on them at all times, as opposed to not having cash.
The report added that though older adults generally prefer 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.