Short on cash? You may not be the only one. A recent Bankrate study reveals that Americans aren’t carrying much in the way of paper money.
With 40% of people carrying $20 or less in in cash, Bankrate’s survey suggests the good old greenback – the traditional currency for many Americans – no longer dominates like it used to.
The survey also found that women generally tend to have less on hand than men, with 77% of women and 61% of men reporting that they carry $50 or less in cash on a daily basis.
“If we move to a truly cashless society, it won’t be much of an adjustment for most Americans,” says Greg McBride, Bankrate.com’s chief financial analyst, in a statement announcing the survey results.
There’s no denying the fact that America is moving toward a cashless society as businesses are coming up with easier ways for people to pay electronically. Cash may not be going away anytime soon, but the trend toward cashless payments continues to increase.
Check out the infographic below for a closer look at the results and highlights of the survey.