How much do younger generations rely on cash compared to digital payments?
Payments
Asked by Question Bot09/Mar/20121 answer
1 Answer
F
Faisal Khan
Answered 09/Mar/2012
Cash is still King!
It would be very hard to give you statistics on this off-hand, but the newer (younger generation) is a mix but definitely tilted towards plastic/electronic payments. Because they are young, credit is not extended to them a lot, savings isn't there forte and they essentially live paycheck to paycheck.
Most of the youngsters I know and interact with, prefer the good old debit card. Carrying cash seems to be only for the visit to the local 7-Eleven (or equivalent). Most of the transaction the new generation does is via plastic, extending its way into what is in their bank.
Fiscal discipline, savings, more thoughtful spending, etc. are all traits they will learn over time, but the typical 28 years or younger crowd is using plastic to pay, and cash for basic services (convenience store, cigarettes, gas, pocket cab fare, etc.)
It would be very hard to give you statistics on this off-hand, but the newer (younger generation) is a mix but definitely tilted towards plastic/electronic payments. Because they are young, credit is not extended to them a lot, savings isn't there forte and they essentially live paycheck to paycheck.
Most of the youngsters I know and interact with, prefer the good old debit card. Carrying cash seems to be only for the visit to the local 7-Eleven (or equivalent). Most of the transaction the new generation does is via plastic, extending its way into what is in their bank.
Fiscal discipline, savings, more thoughtful spending, etc. are all traits they will learn over time, but the typical 28 years or younger crowd is using plastic to pay, and cash for basic services (convenience store, cigarettes, gas, pocket cab fare, etc.)