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The coronavirus has prompted some Americans to give up cash, and a new report has been “somewhat surprised” that one demographic is sticking around: teens.
The results were based on data from Piper Sandler’s “Taking Stock with Teens” survey in the fall of 2021, a biannual survey conducted between August 17 and September 16 that compiled responses from 10,000 adolescents (age average 15.8) in 44 US states.
According to Piper Sandler, who titled the table below as “Cash Is (Still) King For Teens’ Top Payment Method”, money penetration was more than double that of electronic competitors, including Apple Pay, PayPal and other payment methods for American teens.
Piper Sandler noted that although they were “somewhat surprised” that cash dominated, it may be “a function of the fact that 35% of the teenagers surveyed do not have a traditional bank account.”
As teens get older, according to the survey, “they will switch to electronic payment methods like Apple Pay, PayPal and others.”
Other experts expect liquidity to disappear completely in the coming years, given the exponential rise in interest and investment in digital assets.
“The end of physical money – cash, is certainly near,” Cornell University professor of economics and author of “The Future of Money” Eswar Prasad noted on Yahoo Finance Live this week. “And cryptocurrencies, including Bitcoin, have certainly paved the way for this revolution.”
This trend hasn’t quite manifested itself among teens: only 9% of teens said they traded cryptocurrency.
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Aarthi is a reporter for Yahoo Finance. She can be contacted at [email protected]. Follow her on Twitter @aarthiswami.
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