Do digital banking technologies mean that we will not need cash anymore?

The Center’s Study on the Future of Money and Banking found that less than one third (32%) of respondents think digital banking will lead to a cashless society.

Are the young more likely to believe that cash will become obsolete?

Thirty-three percent of those age 18-24 somewhat or strongly agree with the statement that we will not need cash anymore because of the impact of digital technologies.  But 32% of those age 65 and older somewhat or strongly agree with that assertion — close to the 35% of those 25-34, 31% of folks 35-44, and 33% of those age 45-55.

Respondents age 55-64 are the least likely to agree, but at 26%, only by a relatively small amount.

In sum, the young are generally not any more likely to believe that cash will become obsolete than older age groups.

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May 7, 2018