Cash is Still ‘king’ for American Teens – Piper Sandler Survey Finds

The pandemic was widespread that caused the people of America to put aside their cash, and the news world was surprised with the demographic terms due to loyal teens.

“Taking Stock With Teens” by Piper Sandler was a survey that was taken in 2021 in a coronavirus situation where the data has shown the findings from the response of about 10,000 teens across America. The survey took place between the 17th of August and the 16th of September, where the average age of these teens was calculated to be about 15.8 across different states of the U.S.

“Cash is Still King for Teens – Top Payment Method” by Piper Sandler showed the world a chart that demonstrated that cash usage increased even more than that of electronic competitors from the market such as PayPal and ApplePay, along with various other modes of payments for the teenagers of America.

It was highlighted that they might be somewhat surprised for the cash being on the dominating terms, but this may be because 35% of the teens who responded to the survey may not have a bank account.

The analysis from the survey was that when teenagers get old, they will shift to electronic modes of payment methods that may include the use of PayPal, ApplePay, and others.

Some organizations are hoping that their cash may vanish in the upcoming years with the current changes in the innovation and world’s environment along with the exponential rise in the investments with their interests and all the digital assets.

Cornell University, Professor of Economics Eswar Prasad, said that “The end of currency in physical terms in drawing near to its end. He left this statement during an interview on live TV with Yahoo Finance this week.

He also stated that “The Cryptocurrencies have opened new opportunities for the people and Bitcoin and other such currencies may take things up to a new revolution.”

This change in the environment has not yet shown much exposure and response, but it still has a lot going on for the future. Some of the teens are indulged in cryptocurrency where most of them are still ignorant and not putting their ears to such an opportunity.

Only 9% of the teens have shown the progress of trading cryptocurrency, while a portion of the huge amount of teens is yet to be expected to form a part of crypto trading.

The revolution is upon humankind, and it’s time that everyone starts to shift from physical money to crypto or online money for safety. There is no knowledge of what the future is going to be whatsoever, but it will definitely shift to cloud storage and electronic money and banking.

Cash is, however, still the important consideration of the American teens, and it is being hoped that they should soon get hold along with the cryptocurrency and its benefits for a brighter future.

Leave a Comment