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Nearly one in four millennials carry less than $5 in cash on a daily basis, according to a 2014 study by the Independent Community Bankers
of America. There are many young adults who have never needed to write a check in their lives. Even if you still prefer to deal in cash, these trends are likely not too surprising considering there are more ways to pay for the things we need than ever before.
Evolution of the Wallet
Cash and checks are still very popular methods of payment. Checks can be convenient for paying almost any bill in a secure manner. There are some places where cash is still the only form of currency accepted, and there’s something empowering about being in physical control of your spending. But as credit cards and newer forms of payment — like mobile payments — increase in popularity, cash and check use is on the decline.
There are many reasons why paying with plastic is on the rise. Cash can’t be used to make purchases online and credit can be taken nearly anywhere thanks to widespread technology. Even delivery drivers can take credit payments at your door using a phone attachment to swipe your card. Mobile payments, which enable your phone to become your wallet, are also becoming popular and may indicate a paperless future yet to come.
A Peek into Americans’ Wallets
An average American adult carries $56 in cash, according to the Federal Reserve Bank of Boston.* Here’s a breakdown of the denominations consumers have in their wallets.
Payment Options that Fit You
A checking account at Navigator Credit Union gives you the power to choose the payment method that is most convenient for you. Our large ATM network ensures you can get the cash you need no matter how far you travel. A Navigator debit or credit card offers the convenience to easily track spending using ’N Touch Online Banking. And you can use your mobile device to make secure mobile payments using your debit or credit card anywhere contactless payment technology is accepted. A Debit Card from Navigator Credit Union gives you handy access to ATMs all over the world so when your cash supply runs dry, you can replenish it in a flash.
- * Source: Federal Reserve Bank of Boston, Research Data Report No. 14-3, www.bostonfed.org