According to recent research, the key to a healthy and balanced budget is as easy as having cash.
Survey respondents polled 1,500 Americans about their preferred payment method and 51% stated that cash helps them budget. Gen Z was the most likely to be in agreement.
Gen Z respondents were 52% more likely to prefer cash to other payment methods.
Cash seems to work well as a budgeting tool. 61% of respondents said that they have a budget in place to control how much they spend. Boomers are leading the pack at 65 percent.
OnePoll conducted the survey on behalf of Cash Connect. 77% of respondents said that finding out that they don’t have enough cash is worse than realizing they need it.
According to the results, Americans have an average of $52 per day and three quarters of respondents keep an emergency money stash of around $89. One fifth of respondents said that their emergency cash stash was greater than $200.
The survey revealed some unusual hiding places for emergency cash, in addition to the usual hiding spots like a spare wallet or purse (29%) and a safe at home (18%).
Hidden cash under the mattress is still fashionable, as are secret books on your bookshelf. One respondent places their emergency fund in their trailer hitch, while another stashes it in an old prescription bottle.
The survey did not uncover any secret hiding places, but it also looked into how Americans spend their money and came up with top tips.
36% of respondents said that they would go to any lengths to get cash to tip, even though they don’t intend to pay for the service in cash.
John Clatworthy, SVP and Director of Client Services at Cash Connect, a division of WSFS Bank, says that there is a perception that cash is going extinct. “What we’re seeing is that cash still plays an important role in consumers’ money management and payment making.”
The top five most preferred things Americans would pay cash for include fast food (44%), candy (37%), snacks (37%), and coffee (32%).
All of this being said, Americans have a limit on their cash spending – $31 to be exact. Any more and respondents would rather use another payment method to pay for their purchases.
This survey also surveyed 500 financial decision-makers from businesses to assess their cash habits. The results were mutual.
Three-quarters of the respondents stated that they have a cash-only plan for purchases below $20. 43% of respondents said that less than $20 is the average amount they spend on business purchases.
Clatworthy said, “It’s important for businesses to continue accepting a variety of payment for them to grow; smart safes are ways and things for them to manage their cash flow and improve reconciliation processes.
Like 77% of Americans who say running out of money is their pet peeve, 71% said that customers should not be charged large amounts of money to purchase small items.
This is especially true if their businesses run out of cash for purchases, which happens on average four times per week.
82% of financial decision-makers polled claimed that their businesses have received steady cash payments for the past five years, despite increasing payments made via digital media.
TOP THINGS AMERICANS WANT TO PAY IN CASH FOR
Tips – 48%
Fast food – 44%
Coffee – 32%
Gas – 27%
Groceries – 24%
Drinks at bars – 22%
Personal Care – 21%
Gifts – 18%
Pastries – 17%
Alcohol – 16%
Cigarettes – 16%
Babysitters – 14%
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