The Federal Reserve Bank released a report in 2015, stating that millennials, from 18 to 24, prefer using cash to other forms of payment methods. Last year, 38% of people used cash to make payments. If someone tells you that cash is dead, think again. If your business caters to a young audience, you need to place an ATM machine at your store.
Why Do Millennials Prefer to Use Cash?
Simple, cash offers them with convenience that other forms of payment methods do not. They allow them to make an instant purchase without having to carry bulk of cash in their wallets. With access to an ATM machine, they will naturally lean more towards withdrawing cash. If your store attracts several millennials, you can greatly benefit from placing one at your business location.
What Do Millennials Purchase with Cash?
With millennials needing access to cash, they are likely to use an ATM machine to withdraw money when they are running out or need to more to buy something. Most often, they use cash to buy gifts, personal care products, auto related purchases, transportation, and entertainment transactions.
Other Statistics to Rule Cash as the King
In the same report released by the Federal Reserve stated other interesting facts:
Americans making an income of less than $25,000 prefer using cash
- Households making an income of $50,000 and less prefer using cash
- Cash comes in second place for the most commonly used method to make payments for households making an income between $50,000 to $100,000
- 23 to 25% of households making an income of more than $100,000 prefer using cash With cash not dead, it is pertinent you provide passersby and your customers with the convenience of using an ATM machine to make swift transactions.