Picture this: A generation so hooked on tech that pulling out a wad of bills feels more awkward than wearing socks with sandals! That's the reality for many Gen Zers today, who are ditching cash like it's an outdated relic. But stick around—this shift isn't just about trends; it's sparking debates on financial habits, privacy, and even the future of money. Ready to dive into why cash is getting the cold shoulder from the 20-somethings? Let's break it down, step by step, and explore what this means for our wallets and society.
Money has always been the engine driving our world, but for Generation Z—the digital wizards born roughly between 1997 and 2012—handling physical currency is becoming a cringe-worthy habit. Fresh insights from a Harris Poll reveal that these tech-savvy young adults view cash as a fallback option, something they turn to only when all else fails. To put it simply, they're embracing a cashless lifestyle, and it's not just about convenience—it's reshaping how they manage their finances.
The poll, which gathered responses from 2,080 U.S. adults aged 18 and up, delved into attitudes, behaviors, and motivations related to saving, investing, and those 'old-school' payment methods. The findings paint a clear picture: Gen Z consumers are favoring debit cards or mobile apps over the tangible feel of paper money. And the numbers don't lie—over half (53%) of Gen Z participants admit they use physical cash as a last resort when making purchases.
But here's where it gets controversial: Nearly a third (29%) of these young folks believe that anyone still paying with cash is either disconnected from modern life or just plain embarrassing. Is this snobbery, or a smart adaptation to a digital age? Think about it—while some might argue that cash offers unparalleled privacy and freedom from tech glitches (like app crashes or network outages), Gen Z sees it as a temptation that leads to reckless spending.
You see, this aversion to cash isn't driven by elitism alone. These digital natives explain that opting for apps or cards keeps them disciplined with their budgets. For beginners in personal finance, this makes sense because digital tools often let you track expenses in real-time, set spending limits, and even automate savings—features that physical cash can't match without extra effort, like using envelopes or apps alongside it.
To illustrate, more than half (54%) of Gen Z respondents confess they're prone to impulsive buys when they have actual bills in their pockets, compared to using credit or debit cards. It's like how some people eat healthier when they pre-portion snacks rather than leaving a full bag open—out of sight, out of mind (or wallet).
And this is the part most people miss: Contrary to stereotypes painting Gen Z as careless spenders obsessed with avocado toast and viral trends, the poll shows they're actually prioritizing long-term security. A solid 46% are building emergency funds to weather life's storms, while 39% aim to create a buffer for financial stability. Instead of splurging on frivolous items impulsively, 37% are saving for memorable adventures, like globetrotting or attending exclusive festivals, and 34% are eyeing big-ticket purchases such as luxury vehicles, cutting-edge gadgets, or high-end fashion.
Even more impressively, 36% are channeling their earnings toward major life steps, such as leaving the family nest and striking out on their own. This shift highlights how digital tools are empowering Gen Z to dream bigger while dodging the debt traps that plagued previous generations.
Owen Jennings, the business head at Block Inc. (the parent company of Cash App), sums it up perfectly: 'As teens gain more financial independence in our current economy, we're committed to being their go-to digital banking partner that not only aligns with their everyday lives but grows with their evolving financial aspirations.' He adds, 'By offering competitive interest rates on savings, we're giving young people an easy, powerful way to watch their money multiply, fostering habits that will serve them for years to come.'
In essence, for Gen Z, saying 'no' to cash means saying 'yes' to smarter, more intentional spending—a strategy that's helping them build wealth without the emotional tug of physical money.
But is this the end of cash as we know it? Some experts worry that relying heavily on digital payments could expose users to cyber threats or data breaches, and what about those who don't have access to smartphones or bank accounts? On the flip side, advocates for a cashless society point to reduced crime rates and faster transactions. What do you think—does labeling cash 'cringe' make Gen Z more responsible, or are they missing out on the timeless reliability of paper money? Do you still carry cash, or have you fully gone digital? Share your thoughts in the comments below—I'm curious to hear if this resonates with you or if you see it differently! This piece was originally published in The New York Post (https://nypost.com/2025/11/03/lifestyle/cash-is-a-last-resort-for-gen-z-who-call-it-cringe-study/) and has been republished with permission.
