New Study Shows Over Half of Americans Will Stop Using Cash After COVID

I don't know about you, but I rarely carry any cash with me when I am out and about.  Money is easily accessible today thanks to technological advancements like debit cards and mobile wallets on our smartphones.

If you think it's difficult to find someone with change for a $20 now, just wait till after COVID-19 is history.  A new study from Travis Credit Union shows that 58% of Americans will stop using cash after COVID-19.

Travis Credit Union recently surveyed Americans to see how relative cash is to them in their daily lives.  In a surprising twist, Americans say they are more likely to pay with their debit or credit cards.  In this same survey, results indicate that one in five Americans say that they rarely carry paper bills.

However, before you think cash is going to be basically obsolete in the next few years, there is a percentage of people from all generations that still carry cash.  According to the study from Travis Credit Union, when Americans do carry cash it's an average of $46.  59% of Baby Boomers still carry cash that averages about $42, 45% of Generation X carries about $47, and (much to my shocking surprise) 40% of Millennials have cash on them averaging $47.

So why do people still carry cash when technology is right at their fingertips?  The top five reasons according to Travis Credit Union's survey is:

1. Small Purchases (36%)
2. In Case of Emergency (33%)
3. To Leave Tips (10%)
4. Cash-Only Locations (8%)
5. To Better Manage Finances  (7%)

Only 4% of Americans carry cash for other reasons.

Do you prefer to carry cash or use a debit or credit card?