from The Epoch Times:
Cash payments have made a comeback as households struggle to cope with high inflation, according to a new study.
After decades of falling cash use, the impact of the rapid inflation growth has been reversing the trend toward digital.
Credit Karma and The Harris Poll conducted a survey last month, which showed that 53 percent of adults in the United States and 46 percent in the United Kingdom are more likely to use cash than a year ago, reported Bloomberg.
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Individuals preferring cash rose 19 and 4 percentage points, respectively, over those who did not use it more.
Roughly three in five cash users in both countries said using physical money makes them spend less.
The change in preferences towards cash over digital is also a reaction to the growing dominance of the latter, such as Apple Pay to Venmo to tappable credit cards, which some consumers say make it too easy to spend through their budget.
Over two-thirds of the 3,171 survey respondents admit that digital payment methods made them spend more than intended.
Cash Use Rises Among Young
High inflation rates have made people more self-conscious about what they spend daily, especially in the U.K., where price gains remain above 10 percent.
“As the world is getting back to normal after the pandemic and prices are going up significantly, we see cash as being one of the most enduring ways of managing money,” said Courtney Alev, an associate director of product management at Credit Karma.
“It really transcends generations and financial situations.”
