NEW YORK—The narrative that Millennials never carry cash is wrong: the youngest (under 30) and the oldest (over 65) are both more likely to use cash than those in the middle, a new report states.
Cash is the most frequent means of payment for transactions under $25 and is more commonly used in rural American and by racial minorities, reports Brookings, citing Federal Reserve of San Francisco data.
Rather than a cashless society being around the corner, public demand for cash remains strong and low dollar notes in circulation—ones, fives, tens, twenties—have grown steadily this decade, Brookings said.
“While cash is still king, there is no denying that an increasingly large number of goods and services are moving onto digital platforms that do not accept cash. As online and mobile apps transform the economy, consumers who are dependent on cash or prepaid cards are increasingly left behind,” Brookings stated.