Home Business NewsBusiness More​ ​than​ ​a​ ​third​ ​of​ ​people​ ​think​ ​cash​ ​will​ ​become​ ​obsolete in​ ​the​ ​next​ ​25​ ​years 

More​ ​than​ ​a​ ​third​ ​of​ ​people​ ​think​ ​cash​ ​will​ ​become​ ​obsolete in​ ​the​ ​next​ ​25​ ​years 

by LLB Reporter
15th Nov 17 4:04 pm

New survey shows

A​ ​new​ ​survey​ ​by​ ​B2B​ ​comparison​ ​site​ ​Expert​ ​Market​ ​has​ ​revealed​ ​what​ ​the​ ​public​ ​think​ ​of​ ​current  payment​ ​methods,​ ​including​ ​views​ ​on​ ​cash​ ​vs.​ ​card​ ​and​ ​the​ ​likelihood​ ​of​ ​a​ ​future​ ​cashless​ ​society. When​ ​quizzed​ ​on​ ​the​ ​future​ ​of​ ​cash,​ ​39 per cent​ ​of​ ​millennials,​ ​and​ ​more​ ​than​ ​a​ ​third​ ​of​ ​generation​ ​X​ ​(34 per cent) and​ ​baby​ ​boomers​ ​(34 per cent)​ ​thought​ ​that​ ​cash​ ​would​ ​become​ ​obsolete​ ​in​ ​the​ ​next​ ​25​ ​years.

Cash,​ ​especially​ ​for​ ​millennials,​ ​is​ ​rapidly​ ​decreasing​ ​in  popularity;​ ​33 per cent​ ​of​ ​millennials​ ​categorically​ ​avoid​ ​using  cash,​ ​1​ ​in​ ​5​ ​millennials​ ​carry​ ​less​ ​than​ ​£5​ ​-​ ​making​ ​big cash​ ​purchases​ ​impossible​ ​and​ ​nearly​ ​half​ ​(46 per cent)​ ​are  put​ ​off​ ​buying​ ​from​ ​a​ ​cash​ ​only​ ​store. Such​ ​is​ ​their​ ​adversity​ ​to​ ​cash​ ​that​ ​nearly​ ​a​ ​quarter​ ​of  millennials​ ​(24 per cent)​ ​have​ ​thrown​ ​away​ ​change​ ​to​ ​avoid carrying​ ​it​ ​and​ ​a​ ​further​ ​41 per cent​ ​prefer​ ​to​ ​pay​ ​their​ ​friends back​ ​via​ ​apps​ ​rather​ ​than​ ​cash.

The​ ​survey​ ​showed​ ​that​ ​68 per cent​ ​of​ ​millennials​ ​say​ ​they​ ​have​ ​wanted​ ​to​ ​purchase​ ​from​ ​a​ ​store​ ​but​ ​have​ ​not been​ ​able​ ​to​ ​due​ ​to​ ​it​ ​being​ ​cash​ ​only,​ ​this​ ​is​ ​closely​ ​followed​ ​by​ ​56 per cent​ ​of​ ​generation​ ​X​ ​and​ ​50 per cent​ ​of​ ​baby boomers.​ ​Such​ ​widespread​ ​frustration​ ​is​ ​troubling​ ​news​ ​for​ ​small​ ​businesses​ ​and​ ​startups​ ​who​ ​fail​ ​to  offer​ ​non-cash​ ​payment​ ​options​ ​and​ ​risk​ ​losing​ ​out​ ​on​ ​substantial​ ​revenue. The​ ​survey​ ​suggests​ ​that​ ​the​ ​most​ ​prevalent​ ​reason​ ​for​ ​the​ ​move​ ​away​ ​from​ ​cash​ ​is​ ​that​ ​it​ ​is​ ​perceived  to​ ​be​ ​less​ ​secure​ ​than​ ​card​ ​payments;​ ​38 per cent​ ​of​ ​millennials,​ ​38 per cent​ ​of​ ​baby​ ​boomers​ ​and​ ​37 per cent​ ​of generation​ ​X​ ​felt​ ​that​ ​cash​ ​was​ ​less​ ​secure​ ​than​ ​card.​ ​Other​ ​popular​ ​reasons​ ​for​ ​avoiding​ ​cash​ ​included  it​ ​being​ ​unnecessary,​ ​heavy​ ​and​ ​limiting.

Lucy​ ​Crossfield,​ ​lead​ ​research​ ​for​ ​Expert​ ​Market​ ​comments:​ ​”This​ ​survey​ ​clearly​ ​suggests​ ​that​ ​card  payment​ ​options​ ​are​ ​essential​ ​for​ ​the​ ​modern​ ​market​ ​with​ ​the​ ​majority​ ​of​ ​people​ ​surveyed​ ​saying​ ​that  cash​ ​only​ ​stores​ ​had​ ​prevented​ ​them​ ​from​ ​purchasing​ ​goods.​ ​This​ ​is​ ​a​ ​wake​ ​up​ ​call​ ​for​ ​cash​ ​only  businesses​ ​to​ ​future​ ​proof​ ​their​ ​services.”

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