So much for a cashless society.Currency is popular again.
You probably think that cash is on its way out. Even vending machines accept plastic. However, according to Mark Whitehouse at Bloomberg,physical currency is making quite a comeback.“It’s possible that people have less trust in the actions that our financial institutions have been using. So, they are happy having more cash.” Whitehouse also says some interest rates are going negative, so cash is a better deal. And according to the Federal Reserve, currency in circulation is up - especially the $100 bill! Says Whitehouse, “People hold 100 dollar bills not to spend but they have it stored as a value.” The make-up of our society could also be a factor, according to Whitehouse. “We have a higher percentage of old people in our population, and they have a propensity of using cash. So, you have more old people, you have more cash.”
Still, a third of the American population still goes through a week without ever touching a greenback.