Web Insight: will we live in a cashless society?

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