That Awkward Moment…
Have you ever experienced that moment when you forget to bring cash with you? Like a brain fart but with cash… In a recent survey of 2,000 adults across four generations ranging from Baby Boomers to Gen Z conducted in September 2024 in partnership with Talker, Chime took a look at America's cash spending behavior to understand just how many of us experience that awkward moment and how we use our cash day to day.
Money Habits Uncovered
Our finances are seemingly becoming more digital, from online banking and mobile wallets to peer-to-peer payment services and online check cashing. However, cash still remains a popular choice, with 52% of Americans agreeing that cash is king, compared to only 25% who believe it's dead. And when it comes to carrying cash, Americans are equally as likely to carry cash out of fear that they might need it as they are to use it as "fun money" at 27% and 26%, respectively.
Interestingly, Americans surveyed say if they could eliminate one form of payment forever, 36% said checks, and 16% would eliminate credit cards, with just 12% reporting they would eliminate cold, hard cash. Zooming in, they'd rather find a $20 bill in their pocket than receive a $20 refund on their credit card.
Who's Carrying Cash These Days?
Gen Z is thought to be the digital-first generation, but when it comes to cash, they're twice as likely as baby boomers and Gen Xers to carry cash. This is because 18% of Gen Zers say they frequent cash-only businesses, more than any other generation.
As a result, younger generations report preferring to carry a larger amount of cash than older generations. Gen Z and millennials like to have an average of about $82 and $71, respectively, compared to Gen X who carries $57 and baby boomers who carry $48.
"Although Gen Z is often viewed as online-only, the data suggests they're holding on to cash at surprisingly high rates. When it comes to carrying cash, they're the most prepared to pay in cash-only circumstances." – Rianka Dorsainvil, financial expert and certified financial planner
When Cash Slips Your Mind
Despite these generational differences, the experience of needing cash and not having it is nearly universal. 64% of Americans have, at one time or another, experienced this, or what we call a 'cash fart,' with two in five admitting they've experienced this within the last month.
Considering the study showed that Americans prefer to use cash for tipping (73%), groceries (22%), dining out (20%), gifts or allowances (18%), and small businesses (17%) – this can present a challenge. What makes matters worse is 27% have been forced to use an ATM with a high fee to get their cash, and 25% are just flat out unable to purchase the goods or services they want as a result of their 'cash fart' moment.
"I hate when I get a new set of nails only to realize I don't have cash for a tip. And I find it crazy that you have to pay a fee to get your own money from an ATM. Your own money shouldn't cost money!" – Drew Afualo, Content creator and paid Chime partner
It Doesn't Have to Be This Way
Fortunately, Chime has a network of more than 47,000+ fee-free ATMs (see disclosure 1) across the country. This includes the more than 8,000 Walgreens locations nationwide where Chime checking account holders can withdraw cash for free at in-store ATMs, they can also make fee-free cash deposits (see disclosure 2) into their Chime checking accounts.
With more than 1 million five-star reviews across Google Play and the App Store, Chime continues to innovate, ensuring members can manage their finances effortlessly – whether digitally or with cash.
