4/6/2015 – Is Cash-Free Really The Way to Be? Maybe Not for Millennials (NPR)

Apr 06, 2015 Comments Off by

Smartphones have new, seamless ways to purchase stuff lightning fast, with just a tap. With these new digital technologies available for mobile payment, many young people are ditching cash and plastic altogether.But is traditional payment dead? According to Doug Conover, an analyst with the Federal Reserve Bank of San Francisco, not exactly.

The Federal Reserve Bank put together a study asking people to keep a diary of their spending. Compared with their elders, young adults (ages 18 to 24) reported using cash more, for nearly half of all purchases.Still, their favorite way to pay is plastic, though not the plastic most might think. Some students say they keep a debit card, instead of cash or credit, to tighten their belts.

Read the full article at NPR.

Financial Landing 2015

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