More Americans Embrace the Cashless Economy

June 20, 2023

A growing number of Americans are going "cashless" for everyday purchases like groceries, gas, services, and meals compared to previous years. A cashless payment might be made using a debit or credit card, or a payment app or mobile wallet on a smartphone.



In 2022, about 41% of Americans said none of their purchases in a typical week were paid for using cash, up from 29% in 2018 and 24% in 2015. Among affluent households, 59% said they didn't use cash for any typical weekly purchases. The trend of not carrying cash varies by age, with 54% of people under age 50 saying they don't worry much about whether they have cash on hand compared to 28% of people 50 and older.

americanns-who-use-cash-chart

All Securities Through Money Concepts Capital Corp., Member FINRA / SIPC

11440 North Jog Road, Palm Beach Gardens, FL 33418 Phone: 561.472.2000

Copyright 2010 Money Concepts International Inc.

Investments are not FDIC or NCUA Insured

May Lose Value - No Bank or Credit Union Guarantee

This communication is strictly intended for individuals residing in the state(s) of MI. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2020.

A brick building with a clock tower and vibrant fall foliage, on a grassy lawn.
By TFC Team January 19, 2026
Wealthy colleges face an expanded endowment tax in 2026. Learn the OBBBA tiered rates, per-student thresholds, and who pays 1.4%, 4%, or 8%.
A smiling couple sitting with a dog on a concrete step.
By TFC Team January 19, 2026
Key Retirement and Tax Numbers for 2026: IRS updates on standard deductions, IRA contribution limits, and estate and gift tax exclusions.
Pink piggy bank with stethoscope on a blue background.
By TFC Team January 19, 2026
Break the cycle with a financial wellness checkup. Review goals, re-balance your portfolio, cut debt, and boost credit health for the year ahead.
Two businesswomen reviewing data on a tablet and laptop, collaborating in an office.
By TFC Team January 19, 2026
Chart shoing the adjusted gross income (AGI) of U.S. taxpayers from 2024. Nearly half of taxpayers have a AGI of less than $50,000.
Show More