COVID CASH IMPACT: A recent study, from April, surveyed 1,117 Americans regarding the use of cash, and quite possibly the future of banking, since the onset of the pandemic. According to thirdpartytrust.com, respondents were almost evenly matched by gender with 48% female and 49% male; with ages ranging from 18 to 82 years old, the average was 41. Respondents were also split by their economic standing: half employed full-time, and the second half split between part-time workers, the unemployed and those who marked their income status as “other.”

It appears, as an outcome of this study, the pandemic pushed many away from using cash, and toward the likely use of digital payments. The survey found nearly one in every four individuals do not carry cash, additionally one in five people have stopped using cash altogether since approximately March 2020.

In the current climate of the easing pandemic, when it comes to banking the majority of Americans are still avoiding in-person transactions, — with 80% only interacting with banks online. Additionally, according to the survey, 53% of people prefer to utilize their bank’s app and another 69% deposit their checks online. When it comes to payments, the majority of Americans, 90%, choose payment service apps — Paypal, the most popular listed, followed by Venmo, Zelle and ApplePay. Others are available as well.

The pandemic has changed many things impacting the way individuals live and conduct business; especially the way we handle cash and money in general. In fact, according to the survey, if cash appears to be “too dirty,” more than one in three people say they’ll reject it. Additionally, 41% admitted they judge the appearance of cash before handling it, and even then 61% wash or sanitize their hands after handling bills or coins.