Gen Z Deems Cash as ‘Cringe’ in New Study — Saying People who Still use it are ‘out of Touch’
By Asia Grace
They’re saying “nil” to dollar bills.
Money makes the world go round. But when it comes to Gen Zers, the cold-hard stuff just makes them frown, according to new data, which reveals that tech-obsessed 20-somethings consider cash “cringe.”
“More than half of Gen Z (53%) are using physical cash as a last resort when paying,” per a recent Harris Poll, commissioned by CashApp, a mobile banking site.
Gen Z has officially deemed cash “cringe,” arguing that people who still use it are “out of touch.”
Researchers surveyed 2,080 US adults — folks over age 18 — to explore their attitudes, behaviors and motivations around savings, investing and utilizing “outdated” payment methods.
The report determined that Gen Z consumers prefer making purchases via debit cards or phone applications over tangible legal tenders.
“Nearly a third (29%) believe that people who pay with cash are either out of touch or cringe,” researchers found.
Sheesh — even bucks aren’t safe from Zoomers’ yucks.
Greenbacks are the latest addition to the long list of things to receive a black eye from folks born after 1996. Carrying the once-respected, prized paper is now as uncool as tossing on a pair of leggings, or ending every other text message in “LOL.”
But team Z’s aversion to foldable funds isn’t rooted in sheer snobbiness.
The poll found that young people are more mindful of how they’re spending their money when they use digital devices or debit cards to complete transactions.
Instead, the digital natives claim that paying with apps or plastic helps them stay on budget.
“More than half of Gen Z (54%) admit they are more likely to spend without thinking when they have physical cash on hand, vs. paying with a credit/debit card,” noted the experts.
Investigators also found that youngsters would rather build up their nest eggs for the future than dig themselves into a ditch of debt in the present.
Surprisingly, Gen Zs — oft-maligned as financially irresponsible “doom-spenders” — are lining their bank accounts with “emergency funds” (46%) in order to “build a sense of financial security (39%),” according to the poll.
Instead of buying junk on a whim, 37% of the whippersnappers are stashing away for experiences, like traveling and unique events, while 34% are saving up to drop major dinero on fancy cars, en vogue electronics and designer-label doodads.
An impressive 36%, however, are earmarking their moolah for milestone missions, such as moving out of mom and dad’s house.
For Gen Z, it’s pays to say “no” to overspending dough, said Owen Jennings, head of business at Block Inc., CashApp’s parent company, in a statement.
“As teens’ financial independence grows in today’s economy, we strive to be the digital banking solution that not only fits within their current lifestyle but evolves alongside their financial goals,” Jennings explained.
“By offering them high interest on savings, we’re providing teens a powerful, accessible way to see money grow and encouraging healthy financial habits that will benefit them well into adulthood.”
