Yes, many older people, particularly those aged 65 and over, prefer using cash for daily transactions due to habits, trust, and the tangible control it offers. It acts as a primary payment method for many, ensuring privacy, easier budgeting, and security from digital fraud. For many, it's about independence, especially for those less comfortable with technology.
This is a really important part of managing day to day financial matters and for older people a very significant reason for preferring cash – in focus groups older people typically say when asked about this that they value being able to put their budgeted spending money in their wallet or purse so that they can see how ...
Cash persists among older adults because it solves real, multidimensional problems--familiarity, simplicity, accessibility, perceived safety, and physical ease of use--while many digital systems have yet to be fully redesigned with older users in mind.
The research went on to cite, “Despite the rise of contactless payments through mobile wallets, young adults aged 18-24 are the biggest users of cash, with 35% reporting that they use cash daily.
Cash, which until 2023 was the second most used payment method in the UK, has now fallen below the level of Direct Debit, Faster Payments, and credit cards. At the same time, more people are using cash machines as their method of cash acquisition.
Money Lessons From Older Americans Who Learned The Hard Way | Life Lessons | Business Insider
Is the UK trying to get rid of cash?
The UK is rapidly moving towards being a low-cash, but not fully cashless, society, with digital payments dominating, yet cash remains crucial for millions, especially vulnerable groups, leading to government efforts to protect access via legislation, banking hubs, and ATMs, even as some businesses go card-only and digital ID plans emerge. While cash use has plummeted (less than 10% of payments in 2024/25), the Bank of England and officials stress that a completely cashless system isn't feasible or desirable yet, focusing on maintaining choice and access for everyone, including the elderly and low-income individuals.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
Boomers have experienced a lot in their lifetimes, from major personal milestones to large-scale collective events. They've seen significant economic changes, which have compelled them to be more cautious about their saving and spending habits. By using cash, older Americans have a clear sense of what they're spending.
As with a starting age, there is no set age at which to stop giving children pocket money – it'll vary on a few different factors including their earning potential and your financial situation.
Hoarding cash at home can be a result of dementia and Alzheimer's disease, which can cause paranoia. This makes people feel they need to hide valuables and cash to protect them.
No single group holds exactly 90% of the world's wealth, but extreme concentration exists, with the top 10% of the world's population owning the vast majority, around 75-85% of global wealth, leaving the bottom 90% with a small fraction, while the richest 1% owns a huge chunk of that, sometimes as much as the bottom 90% or more combined, according to reports from the World Inequality Database and Oxfam.
Over the coming years, it is likely that alternative digital payment methods will become ever more widely accepted and used. In fact, in 2017, debit cards overtook cash as the most frequently used payment method in the UK. Even so, many people will continue to use cash in their daily lives.
In the end, calling cash "cringe" is really just Gen Z's way of saying they want money to be trackable and digital. That said, though they've mastered the tech side of personal finance, many are still missing key pieces of financial knowledge that could actually help their money grow.
The cultural and practical importance of cash means it is unlikely to become obsolete in the near future, providing a necessary balance and consumer choice alongside the digital economy.
That depends on your situation. The main drivers include how much you spend and how much retirement income you get. If you have a generous income from pensions or Social Security, $300k might be plenty. But without significant resources, your spending needs to be relatively low.
How much money should you have in your bank account when you retire?
Retirement planning depends on your lifestyle, expenses, and life expectancy—simple rules can guide you, but a solid financial plan is essential. Aim for 70–80% of your current income in retirement. Use the "Multiply by 25" and "4% rule" to estimate savings. Factor in inflation and lifestyle choices.
According to the Swedish central bank, only 8% of the population used cash in 2022, and the amount of physical currency in circulation has dropped by half since 2007. With digital wallets, instant mobile transfers, and biometric identification, daily transactions in Sweden have become almost entirely virtual.
Not yet. However, a 2024 report from the International Monetary Fund suggests that we might not be too far away from seeing the first. It suggested that Sweden would be the first completely cashless economy as soon as the end of 2025. This is unlikely to happen now, though.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
