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Cash is still king in the USA, finds GOBankingRates

Nov. 11, 2019 Share Source
On October 23rd, 2019, GOBankingRates published results from an investigation on payments preference across the United States of America, titled "Survey: It’s a Card-Obsessed World, but Cash Is Still King — Here’s Why".

Like many before it, the GOBankingRates survey concludes that the death of cash is greatly exaggerated with the majority of Americans preferring both cash and debit cards equally over all other payment forms. According to the survey, most Americans who favor cash say it is because tangible money helps them avoid overspending, it is the safest payment and it is accepted in most places. Fundamentally, Americans love cash because they value convenience and safety.

GOBankingRates October 23rd, 2019

When it comes to an everyday payment option, the GOBankingRates 2019 survey finds that "Americans would rather stick to more traditional and widely accepted payment method".

Key findings include

  • In the USA, 37% of people say they prefer cash.
  • In the USA, 39% of people who prefer cash say it’s because it helps them budget.
  • In the USA, 34% of people who prefer cash said it’s the safest payment method that helps protect against fraud.
  • In the USA, 33% of people who prefer cash said they use it because “it is accepted at most places and vendors.”
"Convenience is key in the digital age, so it shouldn’t come as a surprise that people’s preferred method of payment is the one they find most handy."
" GOBankingRates 2019 Survey

"Those who chose cash as their No. 1 preferred payment method did so because it is “accepted at most places and vendors” and is “more convenient to use than other payment methods,” with 33% and 29% of respondents selecting those answers, respectively."

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The survey findings were released on November 1st, 2019 via the GOBankingRates website by copy-editor Chris Jennings. Over 1000 Americans participated in the GOBankingRates survey, conducted between September 20th, 2019, and September 23rd, 2019.

Last Updated: Feb. 25, 2020

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