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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.

Danny Sheridan
Oct 26, 2021
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October 26: How we spend our money

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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.

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October 26: How we spend our money

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Ivona Wolff
Oct 27, 2021

This is highly US focused, EMEA card and card / mobile contactless payments are significantly higher than in the US.

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Mark Kroehler
Oct 26, 2021

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.

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