Summary
Americans continue to rely on cash despite the rapid rise of digital payments, according to new Federal Reserve research highlighted by Money. Consumers now make an average of 47 monthly payments, including 16 with credit cards, 15 with debit cards, and six with cash. While cash use has steadily declined since 2016, about one in eight payments still occur in cash. Experts say many people keep cash as a backup during emergencies or outages, while older adults, lower-income households, and rural residents depend on it more heavily. The findings show the U.S. remains far from becoming a completely cashless society.
Money
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