Money is… cringe? As tapping to pay becomes the norm in America, a surprising number of individuals now say it’s “awkward” to pay with physical money.
Despite physical currency having been the cornerstone of on a regular basis financial transactions for hundreds of years, 28% of individuals “now feel awkward when paying with money, a sentiment that is especially strong amongst consumers 18-34 years old,” in response to Marqeta, a card issuing company.
A latest survey released Tuesday found that older Americans are more comfortable with money, but the sensation that it’s awkward isn’t only a Gen Z thing.
Asked in the event that they’ve ever experienced feelings of awkwardness while paying with money:
- 49% of ages 18-25 years old said “Yes”
- 38% of ages 26-34 years old said “Yes”
- 26% of ages 35-50 years old said “Yes”
- 16% of ages 51-65 years old said “Yes”
Is it awkward to pay with money?
The query of whether paying with money is uncomfortable could also be up for debate, but there are some more practical pros and cons to contemplate.
For one thing, paying with money can enable you to keep on with a budget. Research shows that, for psychological reasons, you might spend less if you happen to’re actually seeing the cash leave your hand.
But the other can be possible. When you’ve taken money out of an ATM, it’s tempting for some people to bask in frivolous spending.
Other advantages? Money is accepted in just about all brick-and-mortar stores. When you don’t need change or a receipt, it’s potentially the quickest payment method, and employees prefer money at some establishments that accept suggestions.
But for many of us, the drawbacks and inconveniences mean we’d slightly tap or swipe at checkout: Money will be bulky to hold; waiting for change is slow; there’s the prospect of loss or theft; you miss out on bank card rewards; and also you don’t get an automatic digital record of your payments.
The U.S. lags other countries in contactless payments
Marqeta’s survey also found that the U.S. is pretty far behind other countries in contactless payments.
In lots of parts of the world, you may tap almost anywhere — and other people make the most. In the UK, 80% of respondents said they’ve made a contactless payment within the last week, versus 46% within the U.S.
The country could catch up in the approaching years as merchant acceptance of contactless payment is projected to extend. There’s clearly a big group of people that need to pay with their phones, and 53% of Americans already “feel confident enough to go away their physical wallets at home, a figure that rises to 67% amongst 18-25 12 months olds,” Marqeta said within the report. And in only the past 12 months, nearly a 3rd of surveyed consumers say they’ve decreased their money usage.
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