Americans may be tapping cards and phones more often, but they’re not ready to give up cash. A new survey suggests that while digital payments dominate daily spending, most people still want the option to pay with paper bills (1) and they strongly oppose the U.S. becoming a cashless society.
The findings highlight a growing tension between convenience and choice, and raise a bigger question: Is relying on cash actually a bad habit, or an underappreciated financial tool?
In a survey of roughly 5,000 Americans conducted by the Siena Research Institute, 84% said they oppose the U.S. moving to a cashless society, even as digital payments become the norm. About 85% of respondents said they had paid cash for something in the past month, signaling physical currency’s role in everyday life.
“Seeing ‘no cash accepted’ signs when people walk into retail establishments is both an affront to peoples’ right to choose how to pay or who want control over their personal data. It’s also discriminatory against those who fully depend on cash,” said Jeff Thinnes, of the Payment Choice Coalition, which advocates for cash’s role in the payment ecosystem, and sponsored Siena’s study.
Debit cards lead the pack, with 35% of Americans saying they’re their preferred way to pay. Cash and credit cards follow at 24% each, underscoring that while most people lean on plastic, they still want cash as a viable option.
Privacy emerged as a major driver. More than 90% said cash protects privacy better than cards or digital currency. Budgeting also factored in: 70% said using cash makes it easier to stay on budget, though 75% said it’s easier to track spending with cards or apps.
The survey also found strong support for policy intervention, with 85% supporting laws requiring most brick-and-mortar businesses to accept cash. This may reflect frustration with the growing number of venues, from restaurants to sports stadiums, that no longer offer cash payment options.
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The cash debate isn’t just philosophical. It has real consequences for access and inclusion. A 2024 FDIC survey (2) found that approximately 4.2% of U.S. households (about 5.6 million) were unbanked in 2023, meaning they had no checking or savings accounts, while 14.2% (about 19 million households) were underbanked, meaning they had relied on services outside of banks for their credit needs, including payday loans, pawn shops or rent-to-own services. For those households, cash is a necessity. A fully cashless system could effectively lock them out of basic commerce.