How Much Cash Do You Carry?

A growing number of Americans are carrying a shrinking amount of cash, according to new data from Bankrate.

The company said that 78% of respondents to its recent survey said they carry $50 or less in cash each day. A full 49% of respondents said they carry $20 or less, while 9% don’t carry any cash at all.

Women are ahead of men in this “going cashless” trend: while 70% of men surveyed said they carry $50 or less in cash each day, a full 86% of the women surveyed have slimmed down their wallets to that extent.

What gives? Well, a recent study found that over 85% of all U.S. consumer purchases are made using debit or credit cards these days. That number is actually growing, and many experts see the day coming soon where it will be in the high-90s. Quite simply, we are going cashless as a society.

Capital One — the big credit card issuer – has for years had success with its “What’s in Your Wallet?” advertising line. The answer may or may not be a Capital One card, but for many Americans it increasingly it isn’t cash.

Copyright Today’s Credit Unions