The lure of cash stays strong
The average Australian carries $76 in cash in their purses or wallets over a week, according to new research released by NAB.
The report explores what role cash plays in the lives of Australian consumers today – how much we carry, why we still use it and how we typically pay for things across a range of price brackets.
NAB Head of Behavioural & Industry Economics, Dean Pearson, said how much we earn doesn’t appear to greatly influence how much cash we carry.
“People on incomes under $35,000 a year carry the least, but still around $70. Those on higher incomes above $100,000 carried $76. And, Australians earning between $75,000-100,000 a year carried $86, the most of any income group.”
Men carry more than women and young people (particularly women) much less than older people (particularly men). Men carried $84 while women just $68. Men over the age of 50 carried the most cash ($99) and women aged 18-29 the least ($54).
The most common reasons to carry cash were for small transactions and emergencies. Other commonly cited explanations include speed and convenience, habit or simply because some merchants only accept cash. But there were some notable differences by age.
How much cash do you usually carry in your wallet or purse? Do you still use cash for the majority of your purchases?
I carry around $50 , but often withdraw a few hundred or a couple of grand to pay tradies who arent registered for GST and don't pay any income tax