Imagine there’s no loose change (it’s easy, if you try). No paper money; to ATM fees, say goodbye. Imagine all the people, living life cash free (aah-ah). You may say I’m a dreamer, but I’m not the only one.
But no, really: According to results from a new Gallup study, a wide majority of Americans believe that the United States will become a cashless society within their lifetime.
In a series of surveys conducted in June, Gallup asked American adults about how they use and view cash. Not only did a majority (53%) report using cash for little to none of their purchases, but a solid 62% of respondents said that within their lifetimes, all purchases will be made with credit cards, debit cards and other forms of electronic payments.
“Cash is becoming less a part of Americans’ purchasing behavior as they gravitate toward other payment options and shift toward online purchases, rather than transactions in a brick-and-mortar store. Younger American customers’ lower likelihood to use cash and greater comfort with not having it on hand suggest that the economy will have to adapt,” write survey authors Art Swift and Steve Ander.