Consumer Payment Card News

Lost Cash

A new survey shows Americans lose track of about $21 in cash spending each week, while young adults indicate they cannot account for about $50 per week. Visa says its survey shows that consumers need to use debit cards more, rather than hard cash. Other recent surveys have shown that due to the hassles of credit/debit cards and tighter budgets Americans are switching to cash for holiday spending. While Americans lose track of some spending, the Visa survey reveals that Australians reported the largest cash disappearance, both in terms of actual amount lost ($59) and also percentage of total spend (34%). While adults in India reported only $8 missing weekly, this is actually 31% of their total weekly cash spend. Shopping for food or other groceries (43%), leisure shopping and/or shopping for nonessentials (33%) and out for the night or socializing (32%) were the top spending categories around the world where consumers feel they lose track of spending.

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