Keeping track of cash can be a hassle, especially with today’s busy – and increasingly globe-trotting – lifestyle. In fact, the recent Visa Payment Attitudes Study has revealed that we lose on average US$365 each year by using cash instead of cards. If you worked from 20 years old until you were 65 and lost that much every year, it would amount to a whopping US$16,425!
This consists of US$80 worth of idle change just lying around the home, car or office, and US$285 worth of unused foreign currency lost after trips abroad. This seemingly small amount, that averages a dollar a day, is actually equivalent to the cost of 6.5 grams of gold or supporting a family of four in Bangladesh for a year!
The study also revealed that keeping tabs on our hard-earned money and worrying about carrying cash around is a concern for us too. The majority of respondents (54 percent) said the key reason they have a debit card is because it is more convenient to carry around, rather than being weighed down by a large amount of cash. They also like debit because you can use it to make online purchases (45 percent) and to keep their finances in check, with over half (53 percent) saying it is good for smart financial management because the payment is debited directly from their regular bank account.
We’ve long known that carrying cash can be inconvenient and unreliable, and now this research proves that we are out of pocket by using cash too! See the infographic below for a breakdown of the results and which countries are losing out on the most by sticking to cash…
Posted by: Jag Mistry, Corporate Relations, Visa Inc. on February 27, 2013 at 6:35 am