58% of Americans plan to stop using cash after the pandemic

Maryland

WASHINGTON, ( WDVM ) — A new study by Travis Credit Union stated  half of Americans said that they have been using less cash, than they were before the pandemic.

The study shows 58% of Americans plan to stop using cash completely after the COVID-19 pandemic.

Experts found that for health reasons many people have tried to avoid dealing with cash all together and 49% of Americans want cash and coins phased out permanently after the covid-19 pandemic.

It is also reported 7 in 10 people foresee a completely cashless future. The study found that millennials are less likely to carry cash while baby boomers are more likely to have cash.

” 3 out of 4 actually think that businesses should always be required to to accept cash, so we may see that transition to more and more people not using cash, but it looks as though there will never be a totally cash free society,” said Kylie Moore.

Medical professionals say although cash is a necessary at times limiting the use of cash can help avoid germs. 

You can view the full study here:

https://www.traviscu.org/my-life/blogs/financial-wellness/september-2020/using-cash-during-covid-19-cashless-future/

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