84% of Americans are opposed to the US becoming cashless, survey says. Is cash better, or just different?

“Seeing ‘no cash accepted’ signs when people walk into retail establishments is both an affront to peoples’ right to choose how to pay or who want control over their personal data. It’s also discriminatory against those who fully depend on cash,” said Jeff Thinnes, of the Payment Choice Coalition, which advocates for cash’s role in the payment ecosystem, and sponsored Siena’s study.

Debit cards lead the pack, with 35% of Americans saying they’re their preferred way to pay. Cash and credit cards follow at 24% each, underscoring that while most people lean on plastic, they still want cash as a viable option.

Privacy emerged as a major driver. More than 90% said cash protects privacy better than cards or digital currency. Budgeting also factored in: 70% said using cash makes it easier to stay on budget, though 75% said it’s easier to track spending with cards or apps.

The survey also found strong support for policy intervention, with 85% supporting laws requiring most brick-and-mortar businesses to accept cash. This may reflect frustration with the growing number of venues, from restaurants to sports stadiums, that no longer offer cash payment options.

Who gets left behind in a cashless system

The cash debate isn’t just philosophical. It has real consequences for access and inclusion. A 2024 FDIC survey (2) found that approximately 4.2% of U.S. households (about 5.6 million) were unbanked in 2023, meaning they had no checking or savings accounts, while 14.2% (about 19 million households) were underbanked, meaning they had relied on services outside of banks for their credit needs, including payday loans, pawn shops or rent-to-own services. For those households, cash is a necessity. A fully cashless system could effectively lock them out of basic commerce.

Older Americans also tend to rely more on cash, as do people without consistent access to smartphones, broadband or stable banking relationships. When businesses refuse cash, they may be both streamlining payments and narrowing who can participate.

There’s also a resilience argument. Economists say cash plays a critical role during natural disasters, power outages, and cyber disruptions. If payment networks go down, digital wealth can become temporarily unusable.

“Future wars are probably going to be cyber wars and you might think you’re wealthy, but if you’re cut off from all electronic access to your funds, then you really can’t spend money,” Jay Zagorsky, author of The Power of Cash, told USA Today (3).

Is cash better, or just different?

Growing preferences for cards or digital currency don’t mean cash is obsolete, but it does suggest it’s becoming situational. Cards offer rewards, fraud protection and convenience. Cash offers immediacy, privacy, and spending discipline. Neither is universally better.