Fewer Americans carrying cash - FOX 35 News Orlando

Fewer Americans carrying cash

Posted: Updated:
NEW YORK (MYFOXNY) -

A new study finds that nine percent of Americans don't carry any cash on them on a daily basis. The same study found that 78% also carry less than $50 and about half of all Americans carry $20 or less.

The Bankrate study found that the results were fairly even across age groups, income levels and education.

"If we move to a truly cashless society, it won't be much of an adjustment for most Americans," said Greg McBride, Bankrate's chief financial analyst. "The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it's more out of necessity than a desire to pay with cash."

Bankrate also says that its Financial Security Index was 98.7 in May, declining for a second month in a row (it was 100.5 in April) and indicating deterioration for only the second time in 2014. Readings below 100 indicate lower financial security than the previous year. The index's five components are savings, debt, net worth, job security and overall financial situation.

The study of 1,002 adults also found that feelings on job security turned negative for the first time since November 2013. The percentage of American workers feeling more secure in their jobs now than one year ago declined from 24% in April to 18% in May.

Savings also declined further with those feeling less comfortable with their savings outnumbering those who are more comfortable by a two-to-one margin.

The study found that Americans are neutral regarding their overall financial situations. 25% say they're better off than one year ago, 25% say they are worse off and the remaining 50% say they are about the same.

The survey was conducted by Princeton Survey Research Associates International.

Read more

  • Your MoneyMore>>

  • Conference call: your bathroom break

    Conference call: your bathroom break

    Thursday, August 21 2014 10:47 PM EDT2014-08-22 02:47:23 GMT
    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
  • The future of books and bookstores

    The future of books and bookstores

    Thursday, August 21 2014 8:46 PM EDT2014-08-22 00:46:06 GMT
    The advent of dedicated e-readers and other devices that allow us to read electronic books has dramatically changed the publishing industry as well as the book retail industry. As an avid reader, Julee Allen is always buying books. And she prefers to buy them in person at a book store. In this age of Kindles, Nooks and other e-readers, some may call Julee and others who prefer to buy actual books part of a shrinking breed.
    The advent of dedicated e-readers and other devices that allow us to read electronic books has dramatically changed the publishing industry as well as the book retail industry. As an avid reader, Julee Allen is always buying books. And she prefers to buy them in person at a book store. In this age of Kindles, Nooks and other e-readers, some may call Julee and others who prefer to buy actual books part of a shrinking breed.
  • Using your credit card rewards

    Using your credit card rewards

    Thursday, August 21 2014 5:56 PM EDT2014-08-21 21:56:50 GMT
    Cashing in your credit card points can be a great way to shop. You've earned them. But analysts say a lot of people don't use these rewards simply because they forget. Lauren Lyons Cole, a personal finance contributor for thestreet.com, has some tips on how you can make sure to make the most of your rewards.
    Cashing in your credit card points can be a great way to shop. You've earned them. But analysts say a lot of people don't use these rewards simply because they forget. Lauren Lyons Cole, a personal finance contributor for thestreet.com, has some tips on how you can make sure to make the most of your rewards.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices