Could Cash Go Away After COVID?
I have to admit, I just like having some cash in my pocket. maybe $100 or so. You know, just in case. I have this fear of using my debit card at a store or drive thru and for some reason, through no fault of my own, it doesn't work and there I am with no way to pay for the stuff.
Would this actually happen? Probably not, but having cash in my pocket gets rid of any anxiety I might experience. If I make small purchases, I feel stupid paying for a donut with my debit card.
On the other hand, debit cards are so handy. Mine even texts me after every purchase and let's me now my real time balance. And you have to have a card if you do any shopping online.
Travis Credit union did a survey and found 58% of us will stop using cash after COVID. Twenty percent of adults say they rarely carry any cash at all. It appears to be mostly a generational thing.
Almost 60% of Baby Boomers carry about $42 in cash, 45% of Generation X carry about $49 and those Millennials keep about $47 in cash on them.
The Travis Credit Union asked why people still carry cash when debit cards are so much easier to use. 36% carry cash for small purchases, 33% for emergency situations, 10% for when you tip and there are some places that only take cash.
Which do you prefer, cash or debit card?