Apparently, Cash Is Cringe Now: Over Half of Gen Z Say They Only Use Cash As A Last Resort

Core Insights - Gen Z perceives cash as outdated, with over 53% stating they use it only as a last resort, and nearly one-third considering cash users as out of touch or "cringe" [1][5] - The use of cash is linked to impulsive spending among Gen Z, contrary to older generations who used cash to maintain discipline [2] - Digital payment methods are seen as a form of self-expression for Gen Z, reflecting their upbringing in a digital-first financial environment [3] Financial Knowledge Gaps - Despite comfort with digital tools, many in Gen Z lack basic financial knowledge, with only 44% aware of their savings account interest rates [4] - A significant portion of Gen Z is uncertain about whether their savings accounts earn interest, indicating a gap in financial literacy [4][5] - Recommendations for Gen Z include checking interest rates on savings accounts and considering high-yield accounts for better financial growth [6]