Mythbusting: Turns out Millennials and Gen Zers still use cash
Time and again, we’ve heard that our future will be cashless. Led by Millennials and Gen Zers, we will make all of our payments digitally and won’t need to carry cash. We’ll have no choice because cash won’t even be accepted!
Turns out that while digital and mobile payments are certainly growing in popularity, especially among Millennials and Gen Zers, the death of cash has indeed been greatly exaggerated. Let’s take a look at some of the myths about Millennials’ and Gen Zers’ relationship with cash.
First, a quick refresher on the demographics of Millennials and Gen Zers:
Millennials were born between 1977 and 1995 (approximately). They have become the largest generation in U.S. history, at over 92 million, and are currently the fastest-growing generation of consumers in the marketplace.
Gen Zers were born after Millennials, generally defined as 1996 and later. There are currently over 23 million Gen Zers in the United States. Within the next few years, Gen Z will become the fastest-growing generation in both the workplace and the marketplace.
Both Millennials and Gen Zers are known to be technically savvy and early adopters of technology. But as you’re about to learn, that doesn’t mean either of these groups has abandoned their use of cash.
Myth: Millennials don’t carry cash anymore, relying on credit cards and mobile apps instead.
Myth: Millennials don’t use checks anymore.
Myth: Gen Zers use credit and debit cards for most of their purchases.
Myth: Millennials prefer to use peer-to-peer services like Venmo and Paypal to pay and/or get paid by friends and family.
Myth: Gen Zers do all their shopping online, using digital means of payment.
Myth: Millennials use mobile payments apps like Apple and Google Pay more than cash.
You would think that all the technological advances in digital payments would render cash obsolete. The media sure makes it sound that way. But as these statistics about Millennial and Gen Z purchasing trends show, cash is still a very popular payment type and is not going away anytime soon.