Cash Use Statistics (23 Interesting Facts, Trends + Statistics)
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Many people carry credit or debit cards to pay for goods and services, but the use of cash is still common in society.
Do you want to know some cash usage statistics, like whether people still prefer cash to credit cards? Well, read on for fun facts about cash usage!
2022 Cash Use Statistics
In a world where contactless payments are becoming more popular, by 2022, about 30% of people will still prefer to pay with cash. The average American makes cash payments 14 times a month, making $2.3 trillion in cash payments annually. Most cash purchases are for items under $10, and the average cash payment is $22.
Do you want more cash usage statistics and facts, or have more questions to answer? If so, read on to find out more!
1. 59% of Americans prefer debit cards to pay for goods and services
Cash usage trends are declining in the U.S., with more than 59% of Americans preferring to use debit or credit cards for purchases.
Also, most say that a credit or debit card is better for the convenience and convenience of paying for goods and services than cash.
That said, as digital wallets and debit or credit cards become more accepted in stores across the country, you can expect this trend to continue.
2. Only 29% of Americans prefer to pay in cash
A staggering 29% of Americans prefer to pay in cash, according to a study, and that trend is likely to continue as cash becomes less popular overall.
3. The average American makes 14 cash payments per month
In 2020, Americans made about 14 cash payments per month, compared with 18 transactions per month using a debit or credit card.
4. Americans spent more than $2.3 trillion in cash in 2015
Americans spent more than $2.3 trillion in cash in 2015, a staggering number of cash transactions, of which $700 billion was ATM withdrawals.
In addition, $1.65 trillion was withdrawn through over-the-counter transactions, which typically occur at banks.
5. Only 16% of Americans always carry cash
An interesting cash usage statistic is that only 16% of Americans always carry cash, which shows how many people rely on debit or credit cards to make purchases.
6. The average cash purchase is $22
The average cash purchase was $22, a relatively low figure and an indication that Americans have very little cash on hand, about $44 on average.
However, most people prefer to pay for expensive purchases with a debit or credit card due to the risk of carrying hundreds or thousands of dollars in cash.
7. Men are less likely to carry cash than women
A unique fact about cash use is that men are less likely than women to carry cash, with only 16% saying they carry cash.
8. 49% of items under $10 are paid for in cash
Cash remains king for small purchases, with more than 49% of all transactions under $10 paid in cash.
9. People over 65 are more likely to use cash
A less shocking statistic about cash usage is that people over the age of 65 are more likely to pay with cash than with a debit or credit card.
10. Low-income households use cash more often
Another unsurprising statistic about cash usage is that people from low-income households are more likely to pay in cash than other payment methods.
For example, among households earning less than $25,000 a year, cash transactions account for 47 percent of all transactions, compared with just 7 percent for credit cards.
11. People will spend less if they pay in cash
Cash can save you money; according to statistics, if you pay with cash, you will spend much less than if you paid with a credit or debit card.
Plus, Americans spend 100% more if they use a credit card than if they pay in cash.
12. In 2021, 44% of payments in the Middle East and Africa will be made in cash
The Middle East and Africa are places where people use cash heavily, with 44% of total payments in these countries by 2021.
13. Only 11% of total payments in North America will be made in cash in 2021
Looking at the U.S., cash only accounts for 11% of total payments in 2021, suggesting that cash usage in the U.S. is declining.
14. In the U.S., there was more than $1.7 trillion in cash in circulation in 2019
A curious cash use fact is that there is more than $1.7 trillion in cash in circulation in the United States, according to 2019 data.
Moreover, the figure is much higher than in 1989, when only $240 billion was in cash in circulation across the country.
15. 40% of in-person payments are made in cash
Interestingly, 40% of in-person payments are made in cash, suggesting that people are still regularly using cash to make certain types of payments in stores.
16. Almost 90% of transactions in Mexico are in cash
in Mexico. Nearly 90% of transactions are made in cash, as Mexicans still prefer cash for all goods and services.
17. 36% of Americans carry cash for small purchases
Cash is most often used for small purchases, with 36% saying the biggest reason they carry cash with them is to pay for those small purchases.
18. 35% of Americans carry cash for emergencies
Only 35% of Americans carry cash with them in an emergency, a relatively low number that strikes us when you think about all the possible emergencies.
However, with the sheer number of stores now accepting credit and debit cards or other contactless payment methods, you can expect this number to drop over the next few years.
19. Cash transactions down 7% in 2020
In 2020, the number of cash transactions fell by 7%, which is a considerable number, and most people expect this trend to continue in the next few years.
20. 46% of Americans believe American society will become cashless
While most people still think cash is valuable, a shocking finding is that 46% of Americans surveyed believe the US will become a cashless society.
21. 87% of payments in Spain in 2018 were made in cash
In 2018, more than 87% of payments were made in cash, showing that countries outside the U.S. still rely heavily on cash to pay for goods and services.
22. Overall drop in ATM withdrawals
An interesting cash usage statistic is that Americans go to ATMs less often, but they go to withdraw more money.
However, this may be because of surcharges and ATM fees, so it’s better to withdraw money at the ATM less frequently, but keep the amount higher than they need at the time.
23. Only 45% of transactions in the U.S. are considered non-cash transactions
Cash is still heavily used in the US, and you see this when you look at the fact that only 45% of transactions in the US are considered non-cash.
What percentage of transactions are completed with cash?
A 2021 survey found that cash accounted for only 19% of all transactions in 2020, a 7% decrease from 2019.
Which country is the most cashless?
Canada is the most cashless country in the world, with 83% of people over the age of 15 owning a credit card, and Canada has the highest contactless payment limits.
Is it okay to pay everything in cash?
There are benefits to buying things with cash, such as spending less money, and for controlling impulse purchases, but it’s inconvenient for high-value items.
Plus, if you pay in cash, you don’t have to deal with the fees and interest associated with using a credit card.
To learn more, you can check out our posts on whether 711 cashback, whether Uber Eats accepts cash, and whether Tractor Supple cashback.
in conclusion
I found several cash usage statistics interesting, such as only 29% of Americans prefer to pay with cash rather than debit or credit cards.
Additionally, the average cash purchase was $22, and 49% of items valued at $10 or less were paid for in cash.
Also, people over 65 are more likely to use cash than debit or credit cards, and people from low-income households are more likely to use cash.