Cash Is Still King for Many Americans, Especially Older Generations
A recent SSRS Opinion Panel poll reveals that older adults are more likely to carry cash than younger generations. However, the majority of young adults still use physical money—an encouraging sign for coin collectors and hobbyists alike.
It may be common sense, but a recently released SSRS Opinion Panel poll has confirmed that older adults are more likely to carry cash than younger individuals. SSRS is a nationally representative probability-based panel that randomly selects individuals over the age of 18 and invites them to participate. The November 26 SSRS survey indicated that about 46 percent of adults still carry cash, while 34 percent seldom, if ever, carry it.
In general, the older you are, the more likely you are to like to carry cash. Likewise, men carry cash more often than women. The key for coin-collecting readers is that the 18- to 29-year-old group is the least likely to carry coins and bank notes, but those that never carry cash in this group only numbered 23 percent. That means 77 percent of this youngest age group surveyed still carry some physical money regularly.
It isn’t cash going away that would have been the concern for hobbyists, but that the potential for younger people to begin collecting might have become passé should physical money cease to be in general use. Unfortunately, there is no survey indicating the collecting habits of age groups, but eyeballing local coin show attendance, it appears there are still many younger people (primarily middle-aged) who are active participants. Likewise, local coin club meetings appear to have a good balance of age groups and include some women.
Going cashless will be an option, but just like checks, credit, and debit cards, it will be an option, not an absolute.
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