National Survey Reveals Surprising Alliance: Baby Boomers and Gen Z Least Supportive of Cashless Society
06 Agosto 2024 - 9:01AM
LevLane Advertising, one of Philadelphia's largest independent
full-service advertising agencies, today announced the results of
its “2024 Future of Cash Survey.” The national survey explores
generational perspectives and expectations about the future of
cash, revealing a complex landscape of preferences between
Generation Z (18-29 years), millennials (30-44 years), Generation X
(45-60 years) and baby boomers (61+ years).
In a surprising twist, nearly 70% of Gen Z, despite their tech
savviness, said they would not prefer a transition to a completely
cashless society. This unexpectedly aligns them with almost 80% of
baby boomers who share the same sentiment.
"This data has shown us something quite unexpected: Both Gen Z
and boomers aligned more closely than any other generations on
their resistance to a cashless society," said Liz Weir, chief
marketing officer at LevLane. "Not only that, but the results
challenge our traditional views on tech adoption and common
perceptions of Gen Z as digital-only consumers."
Despite the growing trend toward digital wallets, transactions
and banking, 36% of Americans believe a cashless society will never
materialize.
While only 5% of Gen Z believe a cashless society will emerge
within the next five years, 29% of the same age group expect it
within the next decade, showing cautious optimism. This contrasts
sharply with Gen X, where 23% anticipate a cashless society within
the next five years.
When asked how they feel about the potential of a cashless
society, the most commonly cited concerns across all age groups
were privacy and security (21%) and anxiety about accessibility and
inclusivity (21%).
In terms of payment preferences, 63% of boomers prefer using
credit cards for online purchases, outpacing all other age groups.
This strong preference for credit cards highlights the older
generation’s slow adoption of mobile wallets (1%) and peer-to-peer
payment apps (5%). Boomers were also most likely (47%) to use
credit cards for in-store purchases. By contrast, Gen X was the
group least likely to use credit cards for either online (34%) or
in-store purchases (26%).
"To truly understand the preferences of the different
generations, businesses should prioritize building trust and brand
loyalty through targeted marketing strategies," said Weir. "Our
survey data clearly shows that we can't generalize across age
groups. Instead, we need to dig deeper, challenge the conventional
wisdom and develop approaches that truly resonate with each
distinct group."
Generational preferences on a cashless
society:
- Gen Z (18-29 years): Only 30% favor a cashless
society, while 70% would not prefer it.
- Millennials (30-44 years): 45% favor a
cashless society, while 55% would not prefer it.
- Gen X (45-60 years): 42% favor a cashless
society, while 58% would not prefer it.
- Baby boomers (61 years and up): Only 20%
favor a cashless society, while 79% would not prefer it.
Additional survey findings:
- Rewards and cashback offers significantly influence payment
method choices, with 44% of consumers swayed by these incentives.
This preference is most pronounced among baby boomers (49%),
indicating that older consumers are particularly responsive to
financial incentives.
- Millennials show the highest adoption of mobile wallets for
both in-store (10%) and online (12%) purchases among all age
groups. However, overall usage remains low, indicating that while
this generation is at the forefront of digital payment methods,
widespread adoption is still on the horizon.
- When asked how important it is that their bank provides
innovative digital payment options, 58% of respondents across all
age groups indicated that innovative digital options were
important.
About LevLane AdvertisingLevLane
Advertising is a full-service independent advertising agency
headquartered in Philadelphia that has been building
brands people love for nearly 40 years. The award-winning agency
integrates traditional creative expertise with cutting-edge digital
capabilities in its services, including search engine optimization
(SEO), search engine marketing (SEM), programmatic media, strategy,
creative and branding, media and analytics, social media, content
marketing, and public relations.
For more information about LevLane and its capabilities, connect
with us on LinkedIn, Instagram, and Facebook.
Media Contact:Lauren StraloPR
Directorlstralo@levlane.com 484-747-0172
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e51d202-b98b-4f19-b1a5-d16844ddc941