SURVEY: Americans Have Less Cash In Their Wallets, By Choice

By Joe Gullo

Published 05/12 2014 02:21PM

Updated 05/12 2014 02:24PM

A new survey finds Americans have less cash in their wallets, and it's by choice.

How do you pay for your morning coffee? How about your groceries? Or a tank of gas? A new survey of consumers by Bankrate finds Americans with increasingly lighter wallets and that's by choice.

With more options to pay by credit card, debit card, or smartphone app, Bankrate found 78 percent of consumers carry less than $50 in cash with them on a daily basis.

Fourty percent carry less than $20 in cash and 9 percent said they don't carry any cash at all.

Despite the holiday season security breaches that took place at some major national retailers, consumers don't appear deterred from the convenience of swiping a card at checkout, as opposed to first retrieving cash from an ATM.

To keep transactions secure, Bankrate recommends using credit cards versus a debit card. Credit cards offer consumers greater protection in the event of fraud.

When making a debit transaction, opt to use a signature instead of a pin number. Also switch out passwords frequently and vary them. Using the same one for online accounts and payment apps can leave you vulnerable if a hacker gets access to even one account.

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