- Center for the Digital Future - http://www.digitalcenter.org -

Web Insight: do we need cash anymore?

Some people believe that with the impact of digital technologies on banking, we may soon have a cashless society.  In the Center’s upcoming study on the future of money and banking, overall 32% of respondents somewhat or strongly agreed with the statement that, as banking changes, “we won´t need cash anymore.”

How are views about a cashless society associated with age, education, income, and race/ethnicity?


So age has some association with views about the need for cash, but the differences are neither large nor consistent.


Education seemed to have little association with views about the need for cash in a digital world. Thirty-two percent of those with a college education or more agreed, and 31% with some college education or less did too.


Income also seemed to have no significant relationship with this issue. Thirty-three percent of those with a household income of less than $75,000 agreed somewhat or strongly that we will not be using cash in the future, as did 31% of those with household incomes of $75,000 or more.


The only other major demographic variable that seemed to be associated with the continuing need for cash was race/ethnicity, and even here the relationship was rather modest.


See all Web Insights [1].

January 2, 2018