Fewer Americans are using cash for purchases than five years ago and two-thirds foresee a cashless future in their lifetimes, according to a new Gallup poll released Thursday.
Gallup reported Thursday that 13% of adults say they use cash for most purchases — down from 28% five years ago.
The poll found that 64% of Americans believe the nation will be a cashless society in their lifetimes. And for more Americans, that evolution would be a “change for the worse” rather than a change for the better.
Gallup said the increased popularity of mobile payment apps seems poised to accelerate the transition.
The company cited a recent Federal Reserve estimate that finds only one in five U.S. transactions are made with cash.
“Internet and smartphone technology has transformed the way people pay for things. They no longer need to visit their banks to withdraw money and carry it with them in order to make most purchases,” Gallup said.
According to the poll, 56% of adults still prefer to have cash when they leave the house, compared to 43% who feel comfortable without it.
Most Americans under 50 feel comfortable without cash, while most older Americans do not.
The poll also found that 60% of Republicans say they would be upset if society went cashless, compared to 45% of independents and just 28% of Democrats who said the same.
Gallup conducted the randomized national telephone survey of 1,013 adults on July 5-26. The margin of error for all respondents was plus or minus 4 percentage points at the 95% confidence level.
