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‘Truly Cashless Society’ Would Be No Problem For Most Americans

by Chuck Carroll
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File photo of money. (credit: PAUL J. RICHARDS/AFP/Getty Images

File photo of money. (credit: PAUL J. RICHARDS/AFP/Getty Images

Chuck Carroll, All News 99.1 WNEW (Credit: CBSDC.com) Chuck Carroll
Chuck Carroll currently serves as a contributor for CBSDC.com. H...
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LANHAM, Md. (CBSDC) — If cash is king, the king is dead.

Nearly 50 percent of Americans carry less than $20 cash in their wallet each day while almost 10 percent say they don’t carry any at all, according to a Bankrate.com survey.

Of the 1,002 adults polled, just seven percent admitted to carrying $100 cash or more.

Women seem to be less inclined to use hard currency than their male counterparts. Eighty-six percent of women admit to having less than $50 cash on them each day, compared to 70 percent of men.

Perhaps due to a lack of disposable income, the survey also finds Americans with incomes of $30,000 or less are less inclined to carry cash.

For reasons that weren’t immediately clear, residents in the west are more than twice as likely to have no cash in their pockets than people living in the south and midwest, according to the survey.

Despite the slight variation, Bankrate says the results of the survey were relatively even in all demographics.

“If we move to a truly cashless society, it won’t be much of an adjustment for most Americans,” said Bankrate.com chief financial analyst Greg McBride. “The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it’s more out of necessity than a desire to pay with cash.”

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