New study shows cash remains a mainstay for both consumers

WILMINGTON, Del., July 20, 2021 (GLOBE NEWSWIRE) – Despite the availability of technology-driven payment methods such as credit cards, debit cards and mobile wallets, cash remains a mainstay for consumers. consumers making payments (40% prefer to use cash) and businesses that accept them (78% accept cash as a form of payment), according to a new study published by Cash Connect, a division of WSFS Bank that provides services cash logistics.

The national study surveyed 1,500 people aged 18 and over about their spending habits with regard to payment methods, and 500 corporate finance decision-makers about the payment methods their companies prefer and experience on a daily basis.

“It feels like money is disappearing, especially with the rise of new technologies like mobile wallets and contactless payments,” said John Clatworthy, SVP, director of customer services at Cash Connect . “However, we are finding that consumers still believe that cash plays an important role in the way they manage their money and make payments, especially among younger generations such as Gen Z, who are generally more focused on technology but also see the benefit of having cash on hand. This trend will be one to watch, especially for businesses that accept cash. “

Businesses value money, but demand security
Thirty-nine percent of businesses surveyed said they have a cash-only policy for purchases under $ 20 and 43% of their business purchases are under $ 20.

With many small purchases paid for in cash, the majority (71%) of financial decision makers agreed that there is nothing worse than when someone pays for a small purchase with a big bill, like $ 50 or $ 100 .

Once the money is in the corporate system, it is up to the financial decision maker to deposit it safely. Seventy-five percent said they are currently using the “cash to bank” method, which means that they or someone they trust on their team carries the money to the bank for deposit.

However, 77% of decision makers have considered implementing a smart safe or cash recycler for their business in the past year, and many cite ‘safety and security’, “Efficiency” and “ease” as the main reasons for considering the implementation of these technologies and services.

“Despite reports that cash is obsolete, it is clear that cash is a valuable asset for many consumers and business leaders,” said Clatworthy. “The key is to make cash more readily available to consumers and a safer option for financial decision makers who often oversee the reconciliation at the end of each day. Financial experts like those at Cash Connect can help businesses be more efficient and secure through the use of technologies and services like Smart Safes, so they can continue to offer a variety of payment methods for meet customer demand and develop on a large scale.

Cash keeps consumers on budget
Fifty-one percent of Americans agreed that using cash helps them keep their money on budget. Leading the pack is the Gen Z population i.e. 18-24 year olds, 58% of whom use cash to budget their money and 52% of them cite cash as a method of payment. favorite.

However, many respondents said they cap their cash purchases at $ 31 because 54% only have $ 1-50 in cash with them. When asked what cash is used for, the most popular uses were:

  • Departure tips (48%)
  • Fast food purchase (44%)
  • Purchase of sweets and snacks (37%)
  • Purchase of coffee (32%)
  • Pay for gasoline (27%)

Seventy-six percent of those surveyed said there is nothing worse than finding out you need cash and realizing you don’t have it. Sixty-six percent of those who carry cash withdraw it from an ATM once to four times a month, 60% withdrawing outside their bank or inside their bank, and 53% withdrawing money in denominations of $ 20.

An infographic on the study is available here.

Survey methodology
This study was conducted by OnePoll on behalf of Cash Connect, a division of WSFS Bank. The sample includes 1,500 respondents from the general population nationwide aged 18 to 57 and over, and 500 corporate financial decision-makers. The survey was carried out in June 2021.

About Cash Connect
Cash Connect is one of the leading national providers of ATMs and Smart Safe Cash Logistics. Since 1998, she has provided cash management services to financial institutions and independent ATM deployers, and her commitment to innovation helps her clients stay on the forefront of change. A division of WSFS Bank, Cash Connect supports more than 34,000 devices in all 50 states. Visit cashconnect.com for more information

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company, headquartered in Delaware and the greater Philadelphia area. As of March 31, 2021, WSFS Financial Corporation had $ 14.7 billion in assets on its balance sheet and $ 24.7 billion in assets under management and administration. WSFS operates from 111 offices, 88 of which are bank offices, located in Pennsylvania (51), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services comprehensive financial services, including commercial banking, banking, treasury management, and fiduciary and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powder mill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS mortgage®, and WSFS Wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States operating permanently under the same name. For more information, please visit www.wsfsbank.com.

Media contact: Rebecca Acevedo
215-253-5566
[email protected]

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