82% of Americans Still Carry Cash

82% of Americans Still Carry Cash

October 14, 2019         Written By Bill Hardekopf

Mobile wallets, debit cards and credit cards may point to a cash-free future, but that’s not likely to happen any time soon. According to the latest J.D. Power Pulse Survey, 78% of consumers believe merchants should be required to accept cash. This feeling is consistent across all generations.

When asked if they carry cash, 82% of respondents said they normally have cash on hand, and 25% said they usually have at least $50 in cash. Surprisingly, cash was more popular than card payments: 67% of participants said they had used cash in the last week, while 61% said they had used a debit card and 54% used a credit card. Only 20% of consumers said they used a mobile wallet to make a purchase.

Featured Fair Credit Card

Top Features: All credit types welcome to apply!

Why are consumers still using cash? Security breaches are certainly a concern, but most consumers (60%) said they keep cash on hand for emergencies. Other reasons included having cash for small purchases (50%), using cash to tip (42%) and using cash to stay on budget (20%).

Consumers aren’t the only ones leery of a cashless society. Several states and cities have banned stores from going cashless. Massachusetts has a law dating back to 1978 which says, “No retail establishment offering goods and services for sale shall discriminate against a cash buyer by requiring the use of credit.”

As J.D. Power pointed out, “For those consumers that either cannot afford or choose not to have smart phones, bank accounts, or lines of credit, a requirement to accept cash prevents building barriers to entry.” At this time, cash is a necessary part of America’s economy, and it looks to be that way for the foreseeable future.

The information contained within this article was accurate as of October 14, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Featured Good Credit Card
Petal® Visa® Credit Card
EDITOR RATING
Featured Good Credit Card
Petal® Visa® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.