Not because they are disorganized or absented-minded, they don’t want wallets.
According to one study, 48% of millennials prefer to use either debit or credit cards instead of cash. In the general population the same trend is emerging:
- 64% use cash only once in a while
- 26% use cash everyday
- 10% never use cash
Now that Apple has entered the cashless market with a product called Apple Pay, I’m sorry to say that George Costanza’s wallet will be lost on the generation being born today. Young kids want their skinny jeans, so they only carry around their ID and a few credit cards – and the things that they buy end up costing them three times as much.
Judith Heft, Principal, Judith Heft & Associates is a personal financial concierge with offices in Greenwich and Stamford. She can be contacted via email at email@example.com or by phone 203-978-1858.