70% of Gen Z are Against a Cashless Society, 80% of Baby Boomers Agree
Sep 27, 2024
Research highlighting that ‘we can’t generalise across age groups’ shows that—while no group favours a cashless society—Baby Boomers and Gen Z are the most opposed, with privacy, security and inclusivity their key concerns.
Business Insider reported on the 2024 Future of Cash survey, conducted by Philadelphia-based LevLane Advertising, which examined generational views and preferences on the future of cash. It defined age groups as Gen Z (18–29), Millennials (30–44), Gen X (45–60) and Baby Boomers (61+).
The results showed that—despite being portrayed as digital-first consumers—70 percent of Gen Z are against a cashless society, with almost 80 percent of Baby Boomers in agreement. Just five percent of Gen Z believe the US will be cashless within the next five years.
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. Not only that, but the results challenge our traditional views on tech adoption and common perceptions of Gen Z as digital-only consumers.
55 percent of Millennials were not in favour of a cashless society, with 58 percent of Gen X also against. Overall, ‘36 percent of Americans believe a cashless society will never materialise’ and all age groups had concerns about the prospect of losing cash as a payment option.
All age groups will be well aware of the risks of depending solely on cashless payments, which require electricity and internet connectivity to function, given July’s global IT crash that saw many businesses and individuals turning to cash. More tech savvy individuals are also likely aware of the dangers posed by data breaches, whether actively caused by hackers, or occurring passively due to tech or human error. Cashless payments typically require handing over some degree of personal data, making cash an especially attractive option for quick, one-off transactions with vendors who may not be well known or trusted, or for expenses one would prefer untracked.
When asked how they feel about the potential of a cashless society, the most commonly cited concerns across all age groups were privacy and security (21%) and anxiety about accessibility and inclusivity (21%).