October 26: How we spend our money
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October 26: How we spend our money
“Old money” is on the decline and “new money” continues to rise.
Source: Chartr
Published: July 2021
How we spend our money
Each year the Federal Reserve Bank of Atlanta conducts a survey on the spending habits of 1,000+ U.S. adults.
The latest results indicate that “old money” is on the decline and “new money” continues to rise. Only a quarter of purchases were made with paper money (cash or check), while the use of cards (debit or credit) accounted for 57% of purchases.
Interesting note: Although checks represented only 7% of all transactions, checks account for 20% of all dollars spent. This discrepancy suggests we’re more likely to use checks for big purchases.
This is highly US focused, EMEA card and card / mobile contactless payments are significantly higher than in the US.
Since this is an annual survey, would be interesting to see the trends over the past 30 years, to observe the speed of this transition.