Consumer Payment Choices Revealed

Federal Reserve Financial Services recently released the 2024 Diary of Consumer Payment Choice, an annual study that examines trends in U.S. consumers’ payment behavior and preferences. The 2024 findings reveal that amid a rising number of payment transactions with credit and debit cards, overall cash use remained stable. Consumers also continue to hold more cash than they did before 2020, both as a store of value and in their pockets, purses or wallets.

The study’s findings also show a growing generational divide among those who choose to use cash versus electronic payments. Consumers under age 55 used cash for 12% of payments in 2023, whereas those 55 and older used cash for 22% of payments.

Click the Read More button below to read the complete article from the Federal Reserve and to explore the full study.