Web Insight: what services do you use at your bank? (cash and change)
An increasing proportion of our financial transactions are conducted without having to use cash. But cash remains important.
What percentage of adult Americans who have a least one bank account use their account(s) to get cash and change? According to the results of the Center’s Study of the Future of Money and Banking, overall, 70% say that they do.
How do gender, age, race/ethnicity, income, and education affect this behavior?
Percentages are fairly consistent across different demographic categories.
Gender
Seventy-one percentage of men and 69% of women do.
Age
In regard to age, the lowest rate (63%) is found among those aged 55 to 64, and the highest (76%) for those aged 25 to 34.
Race/ethnicity
The rates for whites (69%), blacks (73%), and Latinos (74%) are similar.
Income
Sixty-nine percent of respondents who have a yearly household income of less than $75,000 say they use their savings account(s) in this way, compared to 72% of those with a household income of $75,000 or more.
Education
Sixty-five percent of those with some college education or less report using their savings account(s) for cash or change, as do 75% of those with a college degree or more.
We may have a cashless economy in the future, but, with such consistently high percentages of people using their banks for cash and change, this possible development seems a distant prospect.
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April 29, 2019