I came across this and I just HAD to pass it along to you. Here is the article:
Death To Greenbacks? Majority Of Americans Say U.S. Will Go Cashless In Their Lifetime
I really want to hear from all of you, please leave me a comment below, thanks so much! Nick
Imagine there’s no loose change (it’s easy, if you try). No paper money; to ATM fees, say goodbye. Imagine all the people, living life cash free (aah-ah). You may say I’m a dreamer, but I’m not the only one.
But no, really: According to results from a new Gallup study, a wide majority of Americans believe that the United States will become a cashless society within their lifetime.
In a series of surveys conducted in June, Gallup asked American adults about how they use and view cash. Not only did a majority (53%) report using cash for little to none of their purchases, but a solid 62% of respondents said that within their lifetimes, all purchases will be made with credit cards, debit cards and other forms of electronic payments.
“Cash is becoming less a part of Americans’ purchasing behavior as they gravitate toward other payment options and shift toward online purchases, rather than transactions in a brick-and-mortar store. Younger American customers’ lower likelihood to use cash and greater comfort with not having it on hand suggest that the economy will have to adapt,” write survey authors Art Swift and Steve Ander.
It’s worth noting that while the youngest generation is the most open to the idea of a cashless future (56% of those ages 18 to 29 said they’re comfortable not having cash on their person, compared to 42% of all adults and 32% of those 65 and older), majorities in all age groups predicted a cashless future.
Their money is where their mouths are, so to speak: Gallup included questions about how much cash people typically like to carry when they’re out of the house and found that among the 18- to 29-year-old set, the median answer was “zero.” (The mean was $27.25.) And among those ages 30 to 64, the median answer was a mere $20:
Gallup also asked respondents to access the frequency of their interactions with paper money and found that, compared to five years ago, cash transactions have gone down. Just 24% of Americans report using cash for all or most of their transactions, compared to 36% in 2011. Meanwhile, the proportion of people who use cash for just “some” of their purchases has jumped to 41% from 33% in 2011, and the percent of people saying they pay for nothing with cash has ticked up to 12% from 10%.
Swift and Ander say the shift in perception and use of cash is not due to any one reason. Rather, it can be attributed to the proliferation of smart phones, the improvement of mobile technology — like Venmo and Apple Pay but also store-specific apps like Starbucks’ — and burgeoning commercial use of bitcoin.
Of course, at this point in time a truly cashless future is more of a dream than it is imminent reality. Journalists, researchers and regular consumers have been asking“can we get rid of paper money” for years, and a massive overhaul of our payment systems would be cumbersome — even more cumbersome than the clunky shift to chip-enabled credit cards.
I’m interested in hearing your thoughts on this, please let me know.