Author: Don Obrien

Cash ‘is still king’ for American teens, Piper Sandler survey finds

The coronavirus pushed some Americans to abandon cash, and a new report was “somewhat surprised” that one demographic remains loyal: Teens.

The findings were based on data from Piper Sandler’s fall 2021 “Taking Stock with Teens” survey, a semi-annual survey that was conducted between August 17 and September 16 and compiled responses from 10,000 teens (average age 15.8) across 44 U.S. states.

According to Piper Sandler, which titled the chart below as “Cash Is (Still) King For Teens’ Top Payment Method,” cash penetration was more than double than electronic competitors including Apple Pay, PayPal, and other methods of payment for American teenagers.

Piper Sandler noted that while they were “somewhat surprised” that cash dominated, that may be “a function of 35% of teens surveyed not having a traditional bank account.”

(Piper Sandler)

(Piper Sandler)

As teenagers get older, the survey predicted, “they will graduate to electronic payments methods such as Apple Pay, PayPal, and others.”

Other experts expect that cash will disappear completely in the coming years, given the exponential rise in interest and investments in digital assets.

“The end of physical currency — cash, is certainly drawing near,” Cornell University Professor of Economics & “The Future of Money” Author Eswar Prasad said on Yahoo Finance Live this week. “And cryptocurrencies, including Bitcoin, have certainly paved the way for that revolution.”

That trend hasn’t quite played out among teens: Only 9% of teens claimed to have traded cryptocurrency. 

Aarthi is a reporter for Yahoo Finance. She can be reached at Follow her on Twitter @aarthiswami.

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