Answer: 56% of millenials are comfortable not carrying any cash. Note how the older cohorts are less comfortable being without cash, although the median amount of cash that they want with them is actually quite low ($20-$25).

Here are some great follow-up questions to ask your students about this resource:

1. Why do you think millenials (age 18-29) are the most comfortable with not having cash with them? Why do you think that people who are 65+ years old are the least comfortable?

2. What is the median amount of money that each age group likes to have with them when they are out?

3. What is the relationship between age and comfort with not carrying cash?

4. Do you carry cash with you often? Why or why not?

Want this resource and questions in slide format to use in class? Click here!

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Interested in teaching your students about various payment methods, check out this NGPF Project on Payment Decisions!

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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