Consumers 'Not Ready to Give Up Cash'
New research spanning American, Australian and British consumers shows that, despite a decline in cash usage, people are not prepared to give it up entirely.
Card payment service provider Marqeta surveyed over four thousand consumers in the three countries to establish the latest trends in how they bank, pay and shop. While it indicates a decrease in cash use—with over 50 percent of Australians and Brits, and 32 percent of Americans saying they use it less—more than a third of respondents continue to carry cash.
Overall, 23 percent of Americans say they continue to use cash on a daily basis, compared to 15 percent of Brits and 13 percent of Australians. Unsurprisingly, an inverse trend is seen with the percentage saying they never use cash, which was 31 percent in Australia, 23 percent in the UK and 15 percent in the U.S.
46 percent of all respondents reported using cash on a weekly basis, and 18 percent of Americans are paid in cash, versus 10 percent of Brits and nine percent of Australians. Tipping culture was cited as a key reason for the comparative popularity of cash in the U.S.
The leading reason for using cash among 18–24-year-olds was budgeting, with the physical nature of banknotes and coins making it easier to keep track of spending. Older respondents were more likely to carry cash ‘out of habit’.