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How Much Cash Is In Your Wallet? Probably Less Than $20

A report from Visa also finds showrooming is less of a problem as more Americans make purchases online without visiting a physical store.

How Much Cash Is In Your Wallet? Probably Less Than $20
[Image: Flickr user Timothy Boyd]

Visa released a report Thursday that reveals America’s online shopping habits. Though the survey focused on e-commerce and mobile shopping, some of the more interesting facts center on cash: 40% of Americans, on average, carry less than $20 in their wallets. Even though women are prone to giant-purse syndrome, 30% of them have less than $10 in cash (compared with 16% of men) while 21% of men carry more than $100 (compared with 5% of women).

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The study also finds that showrooming is becoming less of a problem, with only 12% of respondents saying they visited a retail store once a month to check out a product in person with no intention to buy. In contrast, 53% reported never visiting a physical store before making a purchase online.

Here are some other interesting nuggets from the report:

  • The West Coast is considered more tech savvy when it comes to mobile shopping: About 60% of people on the West Coast own smartphones, compared with 46% in the Northeast and Midwest. Of respondents on the West Coast, 37% said they have made purchases using their smartphones compared with 21% in the Midwest and 25% in the South.
  • Overall, 27% of smartphone owners and 24% of tablet owners have shopped using their mobile devices in the last year.
  • The survey found 15% of respondents said they have scanned a QR code to make a purchase in the last year.
  • About 20% to 30% of respondents said they would use their smartphones to pay for public transportation, parking meters, tips, and gas station purchases if they could.

About the author

Based in San Francisco, Alice Truong is Fast Company's West Coast correspondent. She previously reported in Chicago, Washington D.C., New York and most recently Hong Kong, where she (left her heart and) worked as a reporter for the Wall Street Journal.

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