Gen Z Labels Cash as ‘Outdated’ in Fresh Study
Recent findings reveal that Gen Z, individuals born after 1996, views cash as outdated and “cringe.” A Harris Poll commissioned by CashApp surveyed 2,080 US adults to understand their attitudes towards payment methods and financial behaviors.
Survey Highlights on Gen Z’s Payment Preferences
According to the research, a significant majority of Gen Z—53%—resorts to cash only as a last option for payments. This generational cohort finds using physical currency a sign of being “out of touch” with modern trends.
- 29% perceive cash users as “cringe.”
- 54% admit they’re likely to overspend when using cash rather than debit cards.
Shifting Attitudes Toward Spending
Young consumers prefer digital transactions over cash, utilizing debit cards and mobile payment applications. This shift is not merely a trend; it reflects a more conscious approach to spending. Many in this demographic feel that digital methods help them manage their finances better and avoid impulse purchases.
Future Financial Goals of Gen Z
The study also revealed that Gen Z is focused on financial stability. Contrary to perceptions of being irresponsible spenders, many are actively saving.
- 46% are building emergency funds.
- 39% prioritize creating a sense of financial security.
- 37% save for experiences like travel and events.
- 34% invest in high-value items, such as cars and electronics.
- 36% are saving for significant milestones, like moving out.
Insights from Industry Experts
Owen Jennings, head of business at Block Inc., highlighted these trends, noting that as Gen Z gains financial independence, they seek innovative banking solutions that align with their lifestyles. CashApp aims to provide accessible ways to save and grow their money.
By leveraging high-interest savings options, the platform helps foster healthy financial habits that can last a lifetime.
