As one wise person said, “moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More doesn’t grow on trees” it seems that the younger generation realises the importance of money and that it shouldn’t be spent carelessly.
A trend that’s picking up its pace on TikTok among the Gen Z is “Cash Stuffing”, which is a cashMoney in physical form such as banknotes and coins. More budgeting envelope method where people are stuffing away money for various needs such as holiday trips, daily expenses, personal savings, emergency purposes, shopping sprees and so much more.
With each paycheck or amount of cash received, they make separate deposits in these specifically labeled envelopes, making it a unique and innovative way to make ends meet.
@yasminecamilla Trying to get ahead while I have the chance #bills #budgeting #cashbudgeting #ukcash #ukcashstuffing #cashcounting #countingcash #moneyuk #savingschallenge ♬ original sound – Yasmine talks money 💷
One TikToker, Yasmine, who started cash stuffing in September, shares her experience – she said it has helped her pay attention to every expense and restrict spending. She claimed it’s even managed to help her clear her debt in five months and accumulate savings – something Yasmine said she “never, ever” had in her life.”
Another, Jay Monique, smashes a bottle of cognac to access the banknotes she has been saving for months. The video has been viewed over 11,000 times.
One Tiktoker goes by the pseudo cashstuffingfix and has created hundreds of videos with savings tips, often lip-synching to rap music. The influencer has over 500,000 followers and 5.5 million likes.
According to the Fed’s 2022 Diary of Consumer Payments Choice, the use of cash by under 25-year-olds was halved during the pandemic, dropping from 33% of their payments in 2019 to 17% in 2021. However, they remain more intensive cash users than the 25-45 age group.
Graph 1. Shares of cash use by age group, 2016-2021.
According to a 2020 study from the US-based Center for Generational Kinetics, 43% of those aged 18 to 24 reported falling behind on credit cards, rent and other payments. Young adults “want to know about fees and all of the costs associated with a payment methodSee Payment instrument. More. Cash is this tangible store of valueOne of the functions of money or more generally of any asset that can be saved and exchanged at a later time without loss of its purchasing power. See also Precautionary Holdings. More without surprises that allows them to limit their spending,” said Jack Dorsey, President of the Center for Generational Kinetics.