Millennials use cash more than debit or credit cards, checks or digital payment, according to a new report by the Federal Reserve Bank of San Francisco's Cash Product Office.
NEW YORK (TheStreet) -- Cash was used in 32% of all transactions in 2015, according to the Federal Reserve Bank of San Francisco's 2015 Diary of Consumer Payment Choice, released last Thursday. This was higher than any other payment method, including debit or credit cards, checks or digital payment methods.
Fox Business' Cheryl Casone joined "Mornings with Maria Bartiromo" on Monday morning to give more details on the report.
"Technology has given us numerous ways to pay for stuff which is kind of fun, but cash is still king," Casone said.
Even more surprising is that millennials use cash more than anyone else, according to the report, Casone noted. Americans between the ages of 18 and 24 used cash in 38% of all payments last year.
You would assume that millennials would be using Apple (AAPL) Pay, Fox Business' Maria Bartiromo said.
However, since millennials lived through the 2008 financial crisis, maybe that changed their payment habits, Bartiromo said. Millennials might be saying, "I better hold on to it. I saw what happened to my parents."
While cash is still the most used payment method, it's usage is still down by 8% since 2012, Casone noted.
By: Natalie Walters
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