Gen Z Aren’t Carrying Cash in Case It Gets Stolen

In an era of digital payments and cashless transactions, the reasons for ditching physical currency are evolving, and Generation Z is leading the charge—driven, in part, by an unexpected fear: having their money stolen.

A recent survey by Talker Research reveals that nearly 30 percent of Gen Z respondents, aged 18 to 27, avoid carrying cash because they fear it could be stolen. This apprehension toward physical currency sets them apart from older generations, with only 26 percent of Millennials and 22 percent of Baby Boomers sharing the same concern.

The survey of 2,000 U.S. adults, conducted in late summer 2024, paints a picture of a generational shift in attitudes toward money, where digital convenience meets anxiety over tangible cash.

Cash thefts in the U.S. have fallen dramatically in the last two decades—plummeting from nearly 8 million reported larceny-theft cases in 1990 to just over 4 million in 2021, according to the FBI. But Gen Z’s fears might not be totally unfounded as in 2022 there was a slight uptick in personal theft cases, and federal data also reveals that theft, particularly personal theft, remains severely underreported, with only 23 percent of such crimes making it to police records.

Gen Z’s unease isn’t just about theft, either. The poll also revealed concern about losing cash accidentally, with 33 percent of Gen Z listing it as a major worry. Surprisingly, despite these fears, young people still tend to carry cash more often than some older generations. One-third of Gen Z respondents reported carrying cash frequently, compared to just 19 percent of Baby Boomers.

Even more striking is the fact that Gen Z tends to carry more cash on average—$81.60, compared to Baby Boomers, who carry a more modest $47.70. Interestingly, men tend to carry around $78, while women stick to an average of $51. This contradiction speaks to the complex relationship younger generations have with money: wary of the risks but not entirely ready to let go of the tactile experience of cash.

For society as a whole, there is still a broader shift away from cash payments, something echoed by the 2024 Federal Reserve’s Diary of Consumer Payment Choice. The report revealed that cash now accounts for just 16 percent of all monthly payments, with credit and debit cards dominating more than 60 percent of transactions.

Talker Research surveyed 2,000 Americans split evenly by gender and generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers); the survey was commissioned by Chime and administered and conducted online by Talker Research between August 29 and Sept. 5, 2024.