Study Shows Most People Still Prefer Cash, But Other Methods Gaining Ground

By:
Chris Gaetano
Published Date:
Nov 4, 2016
Cash

A study from the San Francisco Federal Reserve shows that while cash is still the way most people in the U.S. pay for things, its popularity is falling as other methods are gaining ground, according to CNN Money. The study shows that cash was used in 32 percent of all transactions last year, more than any other payment method such as debit cards (27 percent) and credit cards (21 percent), particularly when it comes to small purchases under $10: cash was used in these transactions 66 percent of the time. However, while cash is still king, its reign is starting to seem more like Louis the XVI than Louis the XIV. The last time the San Francisco Fed did this study back in 2012, cash was used in 40 percent of transactions, an eight point drop over the course of four years. 

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