Consumer Fintech Chime Shares Research Findings on US Consumers Attitude Towards Using Cash for Purchases

A recent Chime survey has revealed consumers’ feelings or thoughts about cash.

Chime notes in a blog post that consumers may have experienced that moment when you forget to bring cash. In a recent survey, Chime noted that of 2,000 adults across four different generations ranging from Baby Boomers to Gen Z conducted in September 2024 in partnership with Talker, the consumer Fintech firm took a look at America’s “cash spending behavior” in order to understand just how many consumers actually experience that “awkward moment” and how we use their cash day to day.

Chime pointed out that our finances are becoming more digital, from online banking and mobile wallets to peer-to-peer payment services and online check cashing.

But Chime also mentioned that cash still remains a “popular choice,” with 52% of Americans agreeing that “cash is king,” when compared to merely 25% who think it’s dead.

Chime further noted that when it comes to carrying cash, Americans are equally as likely to carry cash out of fear that they might need it as they are to use it as “fun money” at 27% and 26%, respectively.

Notably, Chime revealed that Americans surveyed say that if they could eliminate one form of payment forever, 36% said checks, and 16% would eliminate credit cards, with just 12% reporting they would “eliminate cold, hard cash.”

Zooming in, they’d rather find a $20 bill in their pocket than “receive a $20 refund on their credit card.”

The update from Chima added that Gen Z is thought to be the “digital-first generation,” however when it comes to cash, they’re “twice as likely as baby boomers and Gen Xers” to carry cash.

According to the update from Chime, this is because 18% of Gen Zers say they “frequent cash-only businesses, more than any other generation.”

As a result, younger generations report preferring to carry “a larger amount of cash” than older generations.

Chime added that Gen Z and millennials like to have an “average of about $82 and $71,” respectively, compared to Gen X who carries $57 and baby boomers who carry $48.

Despite these generational differences, Chime said that the experience of “needing cash and not having it is nearly universal.”

And 64% of US consumers have, at one time or another, experienced this issue, with two in five admitting they’ve experienced this “within the last month.”

Considering the research study indicated that US consumers prefer to use cash for tipping (73%), groceries (22%), dining out (20%), gifts or allowances (18%), and small businesses (17%) – this can present a considerable challenge.

What makes matters worse is 27% have been “forced to use an ATM” with a high fee to get their cash, and 25% are just flat out unable to purchase the goods or services they want.

Notably, Chime claims it has a network of 50,000+ fee-free ATMs across the nation.

This reportedly includes 8,000+ Walgreens locations where Chime checking account holders are able to withdraw cash “for free” at in-store ATMs, they can also make “fee-free” cash deposits2 into their Chime checking accounts.



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