Fewer Americans carrying cash

Fewer Americans carrying cash

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NEW YORK (MYFOXNY) -

A new study finds that nine percent of Americans don't carry any cash on them on a daily basis. The same study found that 78% also carry less than $50 and about half of all Americans carry $20 or less.

The Bankrate study found that the results were fairly even across age groups, income levels and education.

"If we move to a truly cashless society, it won't be much of an adjustment for most Americans," said Greg McBride, Bankrate's chief financial analyst. "The vast majority of Americans carry $50 or less on a daily basis, which seems to indicate that it's more out of necessity than a desire to pay with cash."

Bankrate also says that its Financial Security Index was 98.7 in May, declining for a second month in a row (it was 100.5 in April) and indicating deterioration for only the second time in 2014. Readings below 100 indicate lower financial security than the previous year. The index's five components are savings, debt, net worth, job security and overall financial situation.

The study of 1,002 adults also found that feelings on job security turned negative for the first time since November 2013. The percentage of American workers feeling more secure in their jobs now than one year ago declined from 24% in April to 18% in May.

Savings also declined further with those feeling less comfortable with their savings outnumbering those who are more comfortable by a two-to-one margin.

The study found that Americans are neutral regarding their overall financial situations. 25% say they're better off than one year ago, 25% say they are worse off and the remaining 50% say they are about the same.

The survey was conducted by Princeton Survey Research Associates International.

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