Posted on July 19, 2023
More Americans Embrace the Cashless Economy
A growing number of Americans are going “cashless” for everyday purchases like groceries, gas, services, and meals compared to previous years. A cashless payment might be made using a debit or credit card, or a payment app or mobile wallet on a smartphone.
In 2022, about 41% of Americans said none of their purchases in a typical week were paid for using cash, up from 29% in 2018 and 24% in 2015. Among affluent households, 59% said they didn’t use cash for any typical weekly purchases. The trend of not carrying cash varies by age, with 54% of people under age 50 saying they don’t worry much about whether they have cash on hand compared to 28% of people 50 and older.
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