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 family is walking through an airport with luggage.
June 28, 2025
Rising prices can make planning a budget-friendly family vacation challenging. Follow these tips to help.
A man and a woman are standing on a balcony.
June 28, 2025
Condominiums, or condos, appeal to home buyers of all ages who want to reap the benefits of homeownership while spending less time and money on upkeep.
A woman is sitting at a table using a laptop computer.
June 28, 2025
Only 54% of workers or their spouses have tried to estimate the savings they would need to live comfortably in retirement; have you?
A woman is sitting in a beach chair reading a book.
June 28, 2025
Travel spending was hit hard by the pandemic but surpassed pre-pandemic levels in 2024. Where are they now?
Show More