A new study from the Pew Research Center reveals that credit card use is on the rise, with 29% of adults saying they don’t use cash during a typical week.
This is an increase from 24% in 2015, and the study also showed that those who claim to use cash most of the time has decreased from 24% in 2015 to 18% today. In terms of demographics, it appears that individuals who make $75,000 annually are more than twice as likely to use card than individuals making less than $30,000. The study also showed that African Americans are more likely to use cash than Caucasians or Latin Americans.
Larry discuss the findings with Aaron Smith, associate director of research at Pew, and analyzes why more people are making the shift to plastic.