Fewer Americans carrying cash - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Fewer Americans carrying cash

Posted: Updated:
NEW YORK (MYFOXNY) -

A new study finds that nine percent of Americans don't carry any cash on them on a daily basis. The same study found that 78% also carry less than $50 and about half of all Americans carry $20 or less.

The Bankrate study found that the results were fairly even across age groups, income levels and education.

"If we move to a truly cashless society, it won't be much of an adjustment for most Americans," said Greg McBride, Bankrate's chief financial analyst. "The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it's more out of necessity than a desire to pay with cash."

Bankrate also says that its Financial Security Index was 98.7 in May, declining for a second month in a row (it was 100.5 in April) and indicating deterioration for only the second time in 2014. Readings below 100 indicate lower financial security than the previous year. The index's five components are savings, debt, net worth, job security and overall financial situation.

The study of 1,002 adults also found that feelings on job security turned negative for the first time since November 2013. The percentage of American workers feeling more secure in their jobs now than one year ago declined from 24% in April to 18% in May.

Savings also declined further with those feeling less comfortable with their savings outnumbering those who are more comfortable by a two-to-one margin.

The study found that Americans are neutral regarding their overall financial situations. 25% say they're better off than one year ago, 25% say they are worse off and the remaining 50% say they are about the same.

The survey was conducted by Princeton Survey Research Associates International.

Read more

  • Your MoneyMore>>

  • Business is good at Coney Island

    Business is good at Coney Island

    Friday, August 29 2014 10:22 PM EDT2014-08-30 02:22:32 GMT
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
    From the brand-new Thunderbolt roller coaster to the world-famous boardwalk, tourists and business owners alike say Coney Island had a great ride of its own this summer. Toms Coney Island's general manager Vasilios Tourlokas says the mild summer impacted his boardwalk business in the best way possible: a 10 to 15 percent increase.
  • NYC Denny's features $300 breakfast

    NYC Denny's features $300 breakfast

    Friday, August 29 2014 4:04 PM EDT2014-08-29 20:04:13 GMT
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
    Diner chain Denny's is opening it's first New York City location, complete with a big-city "deal".   How does a $300 breakfast sound?    The Denny's is located at the corner of Nassau and Spruce in Lower Manhattan's Financial District.  Along with its normal food you can get at just about any location in the rest of the country, this location will offer a Grand Slam breakfast with a bottle of 2003 Dom Perignon champagne.
  • Some Showboat workers get new jobs within company

    Some Showboat workers get new jobs within company

    Friday, August 29 2014 2:54 PM EDT2014-08-29 18:54:36 GMT
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
    More than 470 of the 2,000-plus workers at Atlantic City's Showboat Casino Hotel have found new jobs with other casinos owned by its parent company. The Showboat is shutting down Sunday afternoon after 27 years on the Boardwalk.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices