Although Millennials are most likely to adopt other payment tools, these tools have yet to replace traditional payment methods. In fact, 58% of the 18 to 34 age group still prefer using cash for person-to-person (P2P) transactions and 45% of them have acknowledged being more likely to pay with cash now than they were a few years ago.
Millennials are the age group that is most open to lending and borrowing money and when it comes to exchanging money with family and friends, they are more likely to rely on cash. Their second-most preferred payment method is P2P payment apps, with PayPal at the top of the list followed by Venmo and Google Wallet. This age group’s least popular payment methods are electronic bank transfers and checks.
Gender differences were also found when it comes to money exchanges between family and friends: women have a significant preference for cash compared to their male counterparts.
To read the original article by Elyssa Kirkham, please click here.