More than half of Gen Z says they only use cash as ‘a last resort’ and doing so is ‘cringe,’ survey shows

Core Insights - Card payments have overtaken cash, with cash now ranking as the third-most-used payment method in the U.S. [1] - Gen Z is significantly moving away from cash, with over half using it only as a last resort and a notable portion considering cash users as "out of touch" [2][3] - The average U.S. consumer makes 48 payments per month, with only seven being cash, indicating a potential baseline for cash usage [5] Group 1: Payment Trends - Cash payments have declined, with credit and debit cards becoming the preferred methods [1] - Gen Z's preference for digital payments is evident, as they often avoid cash-only stores [2] - The rise of buy-now, pay-later (BNPL) services is providing an alternative to cash, appealing especially to those with poor credit histories [6] Group 2: Consumer Behavior - Younger consumers express frustration with cash transactions, citing time wastage and inconvenience [3][4] - The use of mobile payment options like Apple Pay is becoming commonplace among younger generations [3] - BNPL services are being utilized for significant purchases, offering flexibility in payment without the need for traditional credit [7]