Largely considered as the more digitally programmed generation because they have grown up with touchscreen technology and advanced social media apps. Millennials adapt very easily to changes in technology and are up to date with everything new and improved.
So why is it so shocking that when it comes to purchasing products, they prefer to pay in cash?
It’s an awkward generation to be in because although you’re not a child you’re also not completely an adult… so somewhere in-between. It’s an age where they’re still growing in life and figuring out what the next step are, whether it’s learning to drive, going to university or moving out of home.
Cash is vastly used by students and adolescences because it is the most reliable when it comes to budgeting expenses. Their only other option is a credit card but even that is dangerous.
Is it wise as a student to rack up more debt via credit card? Not really, this is why cash is so essential; cash helps to manage expenses through budgeting.
It is very difficult to study and earn money at the same time. Many students get themselves a part time job which does not pay a lot. This is why it is so important to have control over your expenses.
Cash gives you the control you need. If you set yourself a budget on how much you are going to spend on groceries in one week, withdraw that exact amount, you won’t go over your budget, leaving you money for other necessities. It honestly works.
Furthermore, most students take cash on a night out so that they are not tempted to spend more than needed.
With everyday expenses such as Uber rides, taxis and the like, it’s much easier to pay in cash because the sum is so low. Think about when you are paying for parking. These days you can use your phone to pay for it, but how long does that take?
It is much quicker to pay using the cash in your pocket. Many convenience stores don’t allow you to pay with a card if the amount is very low. Sometimes a student just simply wants to buy a soft drink or a coffee, so it is more convenient to carry cash.
You know how grandparents are always giving you pocket money in cash rather than doing an EFT via their bank.
Cash just cannot be avoided, even with the little things!