More Americans Embrace the Cashless Economy

A growing number of Americans are going "cashless" for everyday purchases like groceries, gas, services, and meals compared to previous years. A cashless payment might be made using a debit or credit card, or a payment app or mobile wallet on a smartphone.

In 2022, about 41% of Americans said none of their purchases in a typical week were paid for using cash, up from 29% in 2018 and 24% in 2015. Among affluent households, 59% said they didn't use cash for any typical weekly purchases. The trend of not carrying cash varies by age, with 54% of people under age 50 saying they don't worry much about whether they have cash on hand compared to 28% of people 50 and older.

69%

Percentage of Americans using a buy now, pay later (BNPL) service in 2022 who carried over a credit card balance from one billing cycle to the next. A BNPL service allows consumers to pay for online purchases with interest-free payments, typically up to four payments spread over six weeks. Source: Consumer Financial Protection Bureau, 2023

Source: Pew Research Center, 2022 (numbers do not equal 100% due to rounding)