When the pandemic really kicked into high gear back in 2020, America’s desire for human interaction totally disappeared. We didn’t even want to touch anything that another person had possibly had their hands on.
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The overwhelming fear of unknown germs sent the country into somewhat of a panic, even here in the Shreveport/Bossier area, where we absolutely love being around each other.
Spawned by that fear, it was during this time that more and more stores began going “cashless”. Some wouldn’t accept cash payments for anything, and that gave many the idea that the country as a whole would transition to a cashless society.
Truth be told, fewer and fewer Americans keep much cash on hand. In fact, in a report from the Federal Reserve Bank of Atlanta, we see that over the past 12 months, 71 percent of consumers made a mobile payment, and more than 60 percent of bills were paid electronically from a bank account.
To add fuel to the “cashless” argument, we’ve seen a sizable growth in payment forms over the past couple decades. From debit cards to Paypal, Cash App, Venmo, and Bitcoin, America’s been paying the bill with way more than “bills.”
Yet, when you look at the report from empower.com, we see that a full 52% of Americans believe that cash is king. 49% actually stated they feel safer holding cash versus any other investments. Surprisingly, 57% of Gen Xers are the most likely to feel this way…