Americans still have an affinity for cash over credit cards. A new survey found respondents between ages 18-64 say they prefer cash/debit over all other forms of payment. Those 65+ prefer credit cards.
The survey of 8,000 respondents by Los Angeles-based Simple. Thrifty. Living., also found more than 50% of people said they use some sort of electronic payment at least sometimes when at the store. 26-35 year olds had the highest percentage (57%) of people that say they use electronic payments at least sometimes when shopping at the store. About 50% of those 65+ never use electronic payments for online purchases, compared to only 32% of 18-25 year olds.
Other interesting findings: 52% of people who always use electronic payments at the store say credit cards will become obsolete, while only 22% of people who never use electronic payments at the store said the same. Nearly 74% of people who always use electronic payments say those payments are more safe from identity theft than credit cards, while only 32% of people who never electronic payments say the same. Only 20% of people who don’t understand how electronic payments work think they are more convenient than credit cards, while 58% who do understand how electronic payments work think the same.
Simple. Thrifty. Living. says it is a group of regular consumers who have figured out how to get the most out of life by spending the least amount possible on the finer things, and we are here to share those secrets with you. We come from vastly different backgrounds. We have a psychologist. A journalist. A finance expert. A human resources guru. A home decorator. And a vast array of other regular people who are willing to share their tips on saving with you.
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