As mobile wallets and other alternative financial services lead American consumers to forego cash in favor of electronic payments, a new survey by Bankrate suggests that the dollar may be losing influence with U.S. consumers.
According to Bankrate’s May Financial Security Index, which polled approximately 1,000 adults in the U.S., 40 percent of consumers carry less than $20 in cash on a daily basis, approximately 30 percent carry between $20-50 in cash and another 10 percent said they do not carry cash at all.
The survey showed women were more likely than men to carry less than $20 in cash, and people with incomes of $30,000 or less were more likely to say they had less than $20 in cash than people with higher incomes. Respondents located in the West were more than twice as likely as people in the Midwest or South to say they don’t carry cash.
Additionally, the Bankrate survey showed stagnation in job security. Sixty-one percent of respondents said they feel about the same job security they did one year ago, while 20 percent said they feel less secure.
People between the ages of 18 and 29 were more likely to say they felt more secure than other age groups, while respondents with incomes of $30,000 or less were more likely to say they felt less secure than individuals with higher incomes.
When it comes to savings and debt, approximately 50 percent of respondents said they feel the same about the amount of savings and debt they did one year ago. Respondents who attended college were more likely than other groups to say they were comfortable with savings, and men were more likely than women to say they were comfortable with the amount of debt they have.
Half of all respondents in the survey said their overall financial situation is about the same as one year ago, while 25 percent said it had improved and another 25 percent said it had worsened. College graduates were more likely to indicate that they felt better about their financial situation compared with a year ago.