NEW YORK—Could cash be making a comeback? New data suggest it could be, thanks in large part to Gen Z.
A staggering 69% of Gen Z is using cash more now than they did 12 months ago, more than Gen X (47%) or the Baby Boomers (37%), according to a recent Credit Karma report.
The findings show a rise in “cash stuffing” by Gen Z’ers learning how to manage their cash, the New York Post said.
“Cash or envelope stuffing, is an old-school budgeting hack, commonly touted by renowned financial adviser Dave Ramsey, that is making a resurgence on social media as Gen Z struggles to get a grasp on finances. The cash-reliant budgeting tactic directs people to divide their money into different categorized envelopes and only spend from the designated stash. Any leftover cash then goes into savings,” the Post said.
Sources of Advice
The study also shows that nearly half of Gen Z respondents said they relied on social media for financial advice — the most of any generation — while a quarter of them said they learned more about money from content creators than school or books.
CUToday.info recently featured a separate report on the popularity of cash stuffing, including hundreds of millions of views on Tik Tok of related content.
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