PHILADELPHIA, PA — LevLane Advertising has released findings from its “2024 Future of Cash Survey,” highlighting generational views on the future of cash. The survey reveals surprising similarities between Generation Z and baby boomers, with nearly 70% of Gen Z and almost 80% of boomers opposing a fully cashless society.
“This data has shown us something quite unexpected: Both Gen Z and boomers aligned more closely than any other generations on their resistance to a cashless society,” said Liz Weir, chief marketing officer at LevLane. “Not only that, but the results challenge our traditional views on tech adoption and common perceptions of Gen Z as digital-only consumers.”
Despite advancements in digital payment methods, 36% of Americans believe a cashless society will never happen. Among Gen Z, only 5% foresee a cashless society within five years, but 29% think it could happen within the next decade. Meanwhile, 23% of Gen X expects this shift in the next five years.
Concerns about privacy, security, accessibility, and inclusivity were the top reasons cited across all age groups for resisting a cashless society.
Payment preferences vary by generation. Boomers prefer credit cards for online purchases (63%) and in-store purchases (47%), showing slower adoption of mobile wallets (1%) and peer-to-peer apps (5%). Conversely, Gen X is the least likely to use credit cards for both online (34%) and in-store purchases (26%).
“To truly understand the preferences of the different generations, businesses should prioritize building trust and brand loyalty through targeted marketing strategies,” Weir said. “Our survey data clearly shows that we can’t generalize across age groups. Instead, we need to dig deeper, challenge the conventional wisdom and develop approaches that truly resonate with each distinct group.”
The survey also found that rewards and cashback offers heavily influence payment method choices for 44% of consumers, especially boomers (49%). Millennials lead in mobile wallet usage for both in-store (10%) and online (12%) purchases, though overall adoption remains low. Additionally, 58% of respondents across all age groups value innovative digital payment options from their banks.
Generational preferences on a cashless society:
- Gen Z (18-29 years): 70% oppose it.
- Millennials (30-44 years): 55% oppose it.
- Gen X (45-60 years): 58% oppose it.
- Baby boomers (61 years and up): 79% oppose it.
LevLane’s survey emphasizes the nuanced perspectives on cash usage and digital payment adoption across generations.
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