One in 10 Americans don’t carry paper money anymore
CNBC.com staff | @CNBC
Monday, 12 May 2014 | 12:13 PM ET
It could be a portent of the long-foretold cashless society, or just a sign of consumer confidence, but nearly one in 10 Americans no longer carry cash on a daily basis, according to a new report from Bankrate.com.
The survey, conducted by Princeton Survey Research Associates International, also found that 78 percent of Americans carried less than $50 in paper money, and that 49 percent carry $20 or less each day. Nine percent went without cash entirely, the survey found.
CNBC's Kelli Grant talks about the types of protection available to credit and debit card holders in the transition to a cashless society.
"If we move to a truly cashless society, it won't be much of an adjustment for most Americans," Greg McBride, Bankrate.com's chief financial analyst, said in a press release. "The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it's more out of necessity than a desire to pay with cash."
The survey also found that cash-carrying correlated to some degree with gender: Eighty-six percent of women reported carrying less than $50, compared to 70 percent of men.